Oxy plans to allocate $2.9 billion for its capital budget for 2021 to sustain its oil and gas production at 1,143 Mboed. Oxy to spend 40 percent of 2021 capital budget in Permian Basin.
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Oxy is also investing some capital to clean up its carbon emission profile. The company has ambitious targets of reaching net-zero emissions associated with its operations by 2040 and achieving net-zero emissions related to the use of its products by 2050. For example, it signed an agreement to purchase solar power for its oil and gas operations in the Permian Basin. It’s also leveraging its expertise in using carbon dioxide for enhanced oil recovery to capture and store atmospheric carbon dioxide. It hopes that by offering net-zero oil and gas, it can continue fueling the global economy without contributing to climate change.
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Oxy is an American company engaged in hydrocarbon exploration in the United States, the Middle East, and Colombia as well as petrochemical manufacturing in the United States, Canada, and Chile. It is organized in Delaware and headquartered in Houston.
Permian Basin is a shale basin about 250 miles wide and 300 miles long, spanning parts of west Texas and southeastern New Mexico. It includes the highly-prolific Delaware and Midland sub-basins.
Delaware Basin is a hydrocarbon rich sedimentary basin that lies within the Permian Basin. The Delaware Basin covers around 6.4 million acres in far West Texas and South Eastern New Mexico. It is located in an arid southwestern portion of the United States of America
Wolfcamp formation extends across the Delaware Basin, Central Basin Platform, and Midland Basin—the three sub-basins that comprise the Permian Basin. The Wolfcamp play has helped drive overall crude oil and natural gas production growth in the Permian Basin during the past decade. Crude oil production in the Wolfcamp accounts for nearly one-third of total Permian crude oil production and more than one-third of Permian natural gas production.