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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.
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.
On March 9, 2022, Occidental (NYSE: OXY) announced the results of its cash tender offers for outstanding notes. The maximum purchase price for Pool 1 Notes has been increased from $1.5 billion to $1.527 billion, and for Pool 2 Notes from $1 billion to $1.289 billion. The offers expired on March 4, 2022, and as of that date, valid tenders were accepted as specified. Settlement for the accepted notes will occur on March 9, 2022. The company engaged several financial institutions as lead dealers for the offers, which do not constitute a solicitation to buy or sell any securities.
Occidental (NYSE: OXY) has initiated cash tender offers to purchase outstanding notes amounting to a total of $2.5 billion. These offers are divided into two pools: Pool 1 with a maximum purchase price of $1.5 billion and Pool 2 with $1 billion. The offers will expire on March 4, 2022, with settlement expected on March 9, 2022. Holders can withdraw their validly tendered notes by the expiration time. The acceptance of notes will depend on certain conditions and acceptance priority levels outlined in the Offer to Purchase dated February 28, 2022.
Occidental (NYSE: OXY) announced a quarterly dividend increase to $0.13 per share, payable on April 15, 2022, to stockholders of record by March 10, 2022. This new annual rate of $0.52 marks a significant rise from the previous $0.04 per share. The CEO, Vicki Hollub, emphasized the company’s commitment to returning capital to shareholders as it works to reduce net debt and strengthen its balance sheet.
Occidental (NYSE: OXY) reported its fourth quarter 2021 financial results on February 24, 2022. The announcement is accessible through the company's Investor Relations website. A conference call will be held on February 25, 2022, at 1 PM Eastern for further discussion. Occidental is a major player in the energy sector, with significant operations across the U.S. and internationally. The company focuses not only on oil production but also on carbon management and innovative technologies aimed at reducing emissions. For additional details, visit oxy.com.
Occidental (NYSE: OXY) will announce its fourth quarter 2021 financial results after the market closes on February 24, 2022. A conference call to discuss the results is scheduled for February 25, 2022, at 1 p.m. Eastern. Participants can join the call by dialing 1-866-871-6512 or through a webcast available on the company's investor relations website.
Financial results will be accessible via the Investor Relations section, and a recording of the webcast will be posted shortly after the call.
Occidental (NYSE:OXY) will conduct its OLCV Investor Update on March 23, 2022, at 10 a.m. Eastern. This event will present a comprehensive overview of Occidental's low-carbon strategy, focusing on direct air capture technology, its commercialization, and additional carbon reduction solutions. Participants can join via webcast or conference call. Occidental is a prominent energy company, recognized as one of the largest oil producers in the U.S., with a commitment to advancing carbon management and reducing emissions.
On December 9, 2021, Occidental (NYSE: OXY) announced the completion of its cash tender offers for various Series of outstanding notes, which expired on December 8, 2021. The company received valid tenders totaling approximately $1.9 billion and accepted them across multiple Series, with the aggregate principal amount accepted amounting to approximately $1.4 billion. Notably, all validly tendered Notes were accepted for purchase. Settlement for the accepted Notes occurred on December 9, and for guaranteed delivery procedures, it is expected to finalize by December 13, 2021.
Occidental (NYSE: OXY) announced cash tender offers to purchase up to $2.0 billion of its outstanding notes. This includes principal and premium, excluding accrued interest. The offers are subject to conditions outlined in the Offer to Purchase dated December 2, 2021. The expiration date for these offers is set for December 8, 2021, unless extended. The acceptance of notes will be based on specified priority levels. Holders can withdraw their tenders until the expiration time. Settlement for accepted notes is expected on December 9, 2021. Wells Fargo Securities leads as the Dealer Manager.
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