Welcome to our dedicated page for Occidental Pet news (Ticker: OXY), a resource for investors and traders seeking the latest updates and insights on Occidental Pet stock.
Occidental Petroleum Corporation (NYSE: OXY) is one of the largest independent oil and gas exploration and production companies in the U.S., based on market capitalization. Headquartered in Houston, Texas, the company has a significant presence in the energy sector worldwide, with core operations concentrated in the United States, the Middle East, and Latin America.
At its core, Occidental focuses on oil and natural gas exploration and production, backed by a robust portfolio of long-lived assets with significant growth potential. In 2023, Occidental reported net proved reserves of nearly 4 billion barrels of oil equivalent, with an average net production of 1,234 thousand barrels of oil equivalent per day. The company’s operations are evenly split between oil and natural gas liquids and natural gas.
Occidental is also a leader in applying advanced technology to enhance production and recover hard-to-access reserves. This technological edge positions the company to navigate the complexities of the modern energy market effectively.
One of the notable subsidiaries of Occidental is Occidental Chemical Corporation (OxyChem), a leading North American chemical manufacturer. OxyChem produces essential chemicals that are fundamental to various industries, contributing significantly to Occidental’s diverse business portfolio.
Recently, Occidental made headlines with its plan to acquire Midland-based oil and gas producer CrownRock L.P. for approximately $12.0 billion. This strategic acquisition is expected to expand Occidental’s footprint in the Midland Basin and enhance its production capabilities. The transaction is anticipated to close in the first quarter of 2024, subject to regulatory approvals and customary closing conditions.
In addition to its oil and gas ventures, Occidental is committed to sustainability through its subsidiary, Oxy Low Carbon Ventures. This division focuses on advancing technologies that economically grow the business while reducing emissions. The company is leveraging its expertise to develop carbon management solutions and support the global transition to a lower-carbon economy.
Furthermore, Occidental has engaged in collaborative efforts to treat and recycle produced water, demonstrating its dedication to environmental stewardship. Partnerships with companies like Select Water Solutions, Inc. underline its commitment to sustainable practices in the energy sector.
Occidental’s significant advancements in direct lithium extraction (DLE) technology through its subsidiary TerraLithium highlight its innovative approach to sourcing high-purity lithium, a critical component in batteries for electric vehicles and energy storage. This initiative represents a vital contribution to the energy transition and sustainable technology development.
With a workforce of over 40,000 employees and contractors globally, Occidental is not only an industry leader in production but also in innovation and sustainability. The company continues to build on its legacy by expanding its capabilities and adapting to the dynamic business environment.
Occidental (NYSE: OXY) has announced a quarterly dividend of $0.13 per share, scheduled for payment on January 17, 2023. The record date for stockholders is set for December 12, 2022.
Occidental is a significant player in the international energy market, focusing on oil production in the U.S., Middle East, and North Africa. Its operations include oil and gas production, midstream services, and chemical manufacturing, alongside initiatives aimed at reducing emissions through innovative technologies.
Occidental has signed a lease agreement with King Ranch for 106,000 acres in Texas, enabling large-scale Direct Air Capture (DAC) projects for carbon sequestration. This site has the potential to store up to 3 billion metric tons of CO2, facilitating the removal of 30 million metric tons of CO2 annually. The agreement will support Occidental's plans for commercial DAC plants, emphasizing decarbonization efforts. This represents one of the largest DAC deployment projects globally, with expectations for substantial environmental impact.
Occidental's Low Carbon Ventures (OLCV) subsidiary has partnered with Natural Resource Partners L.P. to assess the development of a CO2 sequestration hub in southeast Texas. This hub, covering approximately 65,000 acres, aims to store over 500 million metric tons of CO2. This initiative aligns with OLCV’s goals to provide solutions for industrial carbon emissions and supports broader decarbonization efforts.
OLCV plans to collaborate with its subsidiary, 1PointFive, to advance this project, reinforcing its commitment to achieving net-zero carbon emissions.
Natural Resource Partners L.P. (NYSE: NRP) announced an agreement with Occidental’s Low Carbon Ventures (OXY) to evaluate a carbon dioxide (CO2) sequestration hub in southeast Texas. This partnership will utilize approximately 65,000 acres of pore space controlled by NRP, with a total estimated storage capacity of 500 million metric tons of CO2. NRP currently manages about 140,000 acres for CO2 sequestration, aiming to develop its carbon-neutral portfolio. This move is part of broader strategies to support decarbonization.
Occidental (NYSE: OXY) will report its third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 1 p.m. Eastern/12 p.m. Central. Interested participants can join by calling 1-866-871-6512 or via webcast at oxy.com/investors. The results will be accessible on the company's website, and a recording of the call will be available shortly afterward.
Western Midstream Partners, LP (NYSE: WES) announced a letter of intent with Occidental Petroleum Corporation (NYSE: OXY) to explore low-carbon intensity oil and gas production. The collaboration focuses on developing carbon dioxide (CO2) capture, transportation, and sequestration services in Texas and Colorado. Oxy plans to install carbon capture facilities on its upstream activities, while WES will do the same at its natural gas plants. This partnership aims to enhance sustainability and provide carbon management services to other emitters, reinforcing the companies' commitment to reducing greenhouse gas emissions.
Occidental (NYSE: OXY) plans to begin construction of its first large-scale Direct Air Capture (DAC) plant in Ector County, Texas, in Q3 2022, aiming for operational start-up in late 2024. The facility, once complete, is set to capture up to 500,000 metric tons of CO2 annually, with potential scalability to 1 million metric tons. The project will employ over 1,000 during construction and about 75 once operational, aligning with Occidental’s net-zero strategy. Collaborations with Carbon Engineering and Worley for technology development are highlighted, along with agreements for solar power and carbon credit sales.
Occidental (NYSE: OXY) announced its second quarter 2022 financial results on August 2, 2022. The earnings release is available on Occidental's website and the U.S. SEC site. A conference call for further insights will be held on August 3, 2022, at 1 p.m. Eastern Time. Shareholders can join via phone or webcast, with pre-registration options available. Occidental is a major energy company involved in oil production, midstream marketing, and chemicals, including efforts to advance carbon management and reduce emissions.
Occidental (NYSE: OXY) has declared a quarterly dividend of $0.13 per share on common stock, scheduled for payment on October 17, 2022. Shareholders of record as of September 12, 2022 will be eligible for this dividend. The company, a leading oil producer in the United States with significant operations in the Permian and DJ basins and the Gulf of Mexico, focuses on maximizing the value of its oil and gas assets while advancing carbon management solutions through its Oxy Low Carbon Ventures.
Occidental (NYSE: OXY) will report its second quarter 2022 financial results on August 2, 2022, after market closure. A conference call to discuss these results is scheduled for August 3, 2022, at 1 p.m. Eastern Time. The call can be joined by phone or via webcast. The financial results will be accessible through the Investor Relations section of Occidental's website, and a recording of the call will be available post-event. Occidental is a leading energy company with significant operations in oil production in the U.S., the Middle East, and North Africa.
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