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.

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.