The U.S. oil and gas sector has defied the odds for over a decade—unlocking shale, scaling production, and securing global energy influence. But that growth engine may be running out of steam. According to Occidental Petroleum CEO Vicki Hollub, unless the industry embraces artificial intelligence and carbon capture technologies on a larger scale, domestic oil output could hit a production plateau as early as 2027.

Despite reducing its full-year capital expenditure guidance by $200 million and cutting domestic operating costs by $150 million in Q1 2025, Oxy continues to maintain — and even expand — its drilling footprint in the Permian Basin.

Occidental (NYSE: OXY) and ADNOC’s investment company, XRG, are teaming up to evaluate a $500 million joint venture for a Direct Air Capture (DAC) facility in South Texas. The project aims to capture 500,000 tonnes of CO2 per year, advancing DAC as a scalable solution for emissions reduction.

Occidental Petroleum (NYSE: OXY) has showcased a strategic shift in its 2025 operational and financial approach, emphasizing efficiency and disciplined capital management. The company’s Q1 2025 results reflect this transition, marked by reduced capital expenditures, optimized drilling activities, and significant debt reduction.

Occidental Petroleum (NYSE: OXY) continues to demonstrate strong capital efficiency and operational performance in its U.S. oil & gas operations. The company’s latest 4Q 2024 earnings report highlights record-breaking production, strategic cost control, and robust reserves replacement, reinforcing OXY’s position as a leading low-cost operator in the industry.

Occidental Petroleum (Oxy) continues to execute its strategic asset divestiture plan with the sale of its Texas and New Mexico assets to Permian Resources for approximately $818 million. This move is a crucial step in Oxy’s plan to finance its $12 billion acquisition of CrownRock, further consolidating its presence in the Permian Basin. As part of this transition, multiple facility ownership transfers have been documented in the Texas Commission on Environmental Quality (TCEQ) database, with OWL Operating and Sabalo Energy emerging as the new operators of several key assets.

As part of this process, air permits for several facilities in the Texas Delaware Basin were recently transferred from Occidental to Permian Resources. These permits, issued by the Texas Commission on Environmental Quality (TCEQ), cover facilities in Reeves County, a focal point of oil and gas production in the region. The transfer reflects the operational handover of approximately 29,500 net acres of productive land.

In the ever-evolving landscape of oil and gas, Occidental Petroleum (Oxy) continues to set itself apart as a pioneer in unconventional resource development. Through its strategic focus on secondary bench development, Oxy is maximizing resource recovery, extending the economic life of its assets, and pushing the boundaries of operational efficiency in U.S. shale plays. This approach exemplifies how advanced technology and innovative workflows are shaping the future of energy production.

Occidental Petroleum has once again demonstrated why it’s a leader in the oil and gas industry, achieving remarkable operational milestones during the third quarter of 2024. With record-breaking performances in the Permian Basin, cutting-edge advancements in the DJ Basin, and continuous improvements in drilling efficiency, Occidental is setting new benchmarks for innovation, productivity, and operational excellence. Here’s a closer look at their latest accomplishments.