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.
Occidental Petroleum Corporation is a US based oil and gas producer with 1.2mm barrels per day produced in 2023 predominantly in the Permian basin, that’s around 10% of total US production, with around 4bln proved reserves barrels of oil.
Occidental Petroleum’s “large position” in the Delaware Basin allowed the oil giant to achieve “efficiencies” of scale while expanding to other drill sites. She further notes that CrownRock’s inventory “helps to improve” Oxy’s own, and this synergy helps to accelerate cash flow generation, which she describes as “an acceleration of value” for shareholders. In the near term, the company is focusing on paying down debt and eventually resume repurchasing shares.
Oxy has a proprietary, physics-based approach to well development that it calls Oxy Drilling Dynamics, which improves drilling rates, lowers well costs and reduces inefficient rig energy
Occidental Petroleum Corp. will reduce spending on US shale operations as it seeks to improve cash flow to repay debt, resulting in largely flat production this year. OXY USA Inc. ranks #4 in wells drilled in 2023 with 590 wells drilled in the US
Occidental (NYSE:OXY) announced on Monday it will acquire CrownRock and its significant Permian basin assets in a deal valued at around $12B.
OXY USA Inc explores for, develops, produces, and markets crude oil and natural gas. Oxy is one of yje top Operators in the Delaware Basin.
Oxy is in talks to buy closely held shale driller CrownRock LP, which is managed by Crownquest
Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the third quarter of 2023 of $1.2 billion, or $1.20 per diluted share, and adjusted income attributable to common stockholders of $1.1 billion, or $1.18 per diluted share.
Occidental Petroleum formally unveiled the project it now calls “Stratos,” a direct air capture (DAC) facility foundational to the company’s future ambitions. Oxy was also approved by the Railroad Commission of Texas for a 7 mile CO2 export pipeline in Ector County Texas.
