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.

The oil and gas industry has entered a new era, where energy companies are not only measured by their production capabilities but also by their commitment to sustainability and carbon management. Occidental Petroleum (Oxy) is at the forefront of this transition, leveraging innovative technologies like Direct Air Capture (DAC) and Carbon Capture and Sequestration (CCS) to reduce its carbon footprint while enhancing operational efficiency in the Permian Basin. Let’s dive into Oxy’s approach and its outlook for these cutting-edge projects.

In their third quarter 2024 earnings report, Occidental Petroleum (Oxy) demonstrated their commitment to enhancing well performance and production efficiency, particularly in the Permian Basin. The company’s strategic focus on advanced drilling techniques, real-time data utilization, and refined well planning has positioned them to deliver strong results, even in challenging market conditions.

Occidental Petroleum has made significant strides in water recycling within their Permian Basin operations. By doubling the volume of water recycled in the Delaware Basin and achieving major milestones such as recycling 50 million barrels at the Midland South Curtis Ranch

Stratos is operational, it reportedly will capable of capturing 500,000 metric tons of carbon dioxide a year and become the largest operating DAC plant in the world. By using Stratos, Occidental expects to increase its oil production in the Permian Basin.

The Occidental Petroleum Corporation’s (OXY) second-quarter earnings conference call slides provide detailed insights into the company’s activities and performance in the Permian Basin.

Occidental’s extensive acreage in the Permian Basin and the technological advancements that are driving efficiency and long-term profitability. By examining these facets, we gain insight into how Occidental is positioning itself for sustained success in a competitive market landscape.

Occidental Petroleum has demonstrated a remarkable turnaround and presents a strong case for potential future gains, driven by strategic debt management, dividend growth, and significant investor backing.

Occidental’s operational excellence and strategic execution across all business segments. Vicki Hollub, President and CEO, is quoted highlighting the fundamental importance of operational excellence to Occidental’s success.

Occidental Petroleum (OXY.N), is exploring a sale of a part of its operations in the Permian Basin that could fetch more than $1 billion for the energy producer, according to people familiar with the matter.