Welcome to our dedicated page for Occidental Petroleum Corporation news (Ticker: OXY), a resource for investors and traders seeking the latest updates and insights on Occidental Petroleum Corporation 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.
On May 16, 2022, Occidental (NYSE: OXY) announced cash tender offers to purchase outstanding notes totaling $2 billion across three pools. Pool 1 has a maximum purchase price of $700 million, Pool 2 is set at $650 million, and Pool 3 also at $650 million. The offers will expire on May 20, 2022, with settlement expected on May 26, 2022. Holders can withdraw their notes before the expiration time. The offers are subject to specific conditions, including the acceptance priority levels for each pool of notes.
Occidental (NYSE: OXY) announced its first quarter 2022 financial results on May 10, 2022. Investors can access detailed earnings information on the company's Investor Relations website and the SEC. A conference call to discuss the results is scheduled for May 11, 2022, at 1 p.m. Eastern. Occidental is a leading U.S. oil producer with operations in the Middle East and North Africa, emphasizing its commitment to carbon management via its Oxy Low Carbon Ventures subsidiary.
Occidental (NYSE: OXY) announced a quarterly dividend of $0.13 per share on common stock, payable on July 15, 2022, to stockholders of record by June 10, 2022. This decision reflects the company's commitment to returning value to shareholders while maintaining a stable financial position. Occidental is a leading oil producer in the U.S., with significant operations in the Permian and DJ basins, and is focused on reducing emissions through its Oxy Low Carbon Ventures subsidiary.
EnLink Midstream and Oxy Low Carbon Ventures have signed a letter of intent for a Transportation Services Agreement to transport CO2 along the Mississippi River in Louisiana. EnLink will leverage existing and new pipeline infrastructure to facilitate this service, linking industrial emitters to OLCV's sequestration facility in Livingston Parish. The corridor is noted for its high industrial CO2 emissions. This collaboration aims to advance carbon management solutions and align with net-zero goals.
Enterprise Products Operating LLC and Oxy Low Carbon Ventures, both subsidiaries of EPD and OXY respectively, have signed a letter of intent to develop a carbon dioxide (CO2) transportation and sequestration project for the Texas Gulf Coast.
The initiative will leverage existing infrastructure from Houston to Beaumont/Port Arthur, combining Enterprise’s midstream expertise with OLCV’s CO2 management capabilities. They aim to commercialize services that aid industrial emitters in achieving net-zero goals through effective carbon management strategies.
Occidental (NYSE: OXY) will release its first quarter 2022 financial results on May 10, 2022, after market close. A conference call to discuss these results is scheduled for May 11, 2022, at 1 p.m. Eastern Time. Investors can access the conference via phone or webcast. The financial results will be available in the Investor Relations section of Occidental's website, along with a recording of the webcast. Occidental operates in the energy sector, prominently in oil production, and is focused on advancing low-carbon technologies.
Occidental's subsidiary, Oxy Low Carbon Ventures (OLCV), partnered with Weyerhaeuser Company to evaluate a carbon capture and sequestration project in Louisiana. OLCV aims to develop a hub on over 30,000 acres to permanently store industrial carbon dioxide in underground formations. This initiative is part of OLCV's strategy to create several sequestration hubs in the U.S., targeting a capacity to sequester hundreds of millions of metric tons of CO2. The agreement represents a significant step toward combating climate change and advancing sustainability goals.
Occidental (NYSE: OXY) has announced the election of Vicky A. Bailey to its Board of Directors, effective March 22, 2022. With over 35 years in the energy sector, Bailey previously served as President of Anderson Stratton International and held key positions at the U.S. Department of Energy and the Federal Energy Regulatory Commission. She aims to enhance shareholder value and support Occidental's Pathway to Net Zero initiative. Her diverse experience in energy policy and management will contribute to the company’s vision in advancing lower-carbon technologies.
1PointFive, a subsidiary of Occidental (NYSE: OXY), has sold 400,000 tonnes of carbon removal credits to Airbus as part of its first Direct Air Capture (DAC) facility initiative. The agreement allows Airbus to secure 100,000 tonnes of CO2 removal annually for 4 years. This milestone demonstrates the feasibility of DAC technology in decarbonizing the aviation sector. The DAC facility, anticipated to be the world’s largest, will begin construction in the Permian Basin later in 2022, with a potential capacity of 1 million tonnes of CO2 removal per year.
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