Occidental Petroleum (Oxy)

Carlos Slim invested $1B in American oil & gas companies in 2024

December 31, 2024

(Oil Price) – Carlos Slim, Latin America’s richest man, boosted his stakes in American energy companies in the current year as the world’s leading tycoons continue betting on fossil fuels. Slim invested $602 million in Parsippany, New Jersey-based refiner PBF Energy Inc. (NYSE:PBF), boosting his stake to 25%, and also bought $326 million worth of shares in Houston-based oil producer Talos Energy Inc.(NYSE:TALO). Last

Occidental CEO warns U.S. at risk of shale plateau, losing energy independence

November 22, 2024

(World Oil) – (Bloomberg) – Occidental Petroleum Corp. warned that U.S. energy independence is at risk of slipping away if shale output plateaus and begins to decline. “It’s going to start to roll over, and when that happens, that’s when the U.S. is at risk for losing our energy independence,” said Chief Executive Officer Vicki Hollub said in a presentation

Oxy raises 2024 oil and gas production, following $10.8 billion CrownRock acquisition, Permian success

August 8, 2024

World Oil (Bloomberg) – Occidental Petroleum Corp. raised its production and capital spending plans for this year after closing its $10.8 billion acquisition of CrownRock LP earlier this month. The deal will increase Occidental’s production 5% to about 1.32 MMboed in 2024, with the extra coming from the Permian basin, the Houston-based company said in a statement Wednesday. Capital spending

Ecopetrol opts out of $3.6 billion Permian oil deal with Occidental

August 5, 2024

World Oil (Bloomberg) – Colombia’s state oil company, Ecopetrol SA, has decided against buying a $3.6 billion stake in Permian Basin assets from Occidental Petroleum Corp. The company told Occidental Wednesday that it had opted not to acquire the 30% stake in the assets it has agreed to buy from CrownRock LP, according to a filing Thursday. The stock of

US oil and gas mergers continue at furious pace in Q2, says Enverus

July 30, 2024

U.S. News HOUSTON – U.S. oil and gas patch deals continued to run hot in the second quarter, topping $30 billion with big dollar tie-ups pushing values higher, according to data released on Tuesday by energy researcher Enverus. Blockbuster mergers, such as ConocoPhillips’ $22.5 billion offer for Marathon Oil, remain a mainstay even as U.S. lawmakers call on regulators to

Occidental announces progress on divestiture and debt reduction program

July 29, 2024

Oil and Gas 360 Agreed to sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for approximately $818 million Additional dispositions in 2024 with total purchase price proceeds of approximately $152 million bring total year-to-date proceeds of closed or announced divestments to $970 million Sales proceeds will go toward reducing debt HOUSTON — July 29, 2024 — Occidental (NYSE:

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

July 22, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not

Oxy, Microsoft clinch “record” carbon removal deal to handle AI-associated emissions

July 10, 2024

World Oil (Bloomberg) – Oil giant Occidental Petroleum Corp. clinched a record carbon removal deal with Microsoft Corp. amid the software titan’s push to reduce its expanding emissions. Occidental, which is building a carbon-capture portfolio through its subsidiary 1PointFive, plans to build a fleet of plants that suck carbon dioxide directly from the air. Microsoft on Tuesday agreed to buy

Berkshire increases Occidental Petroleum stake to nearly 29%

June 18, 2024

Yahoo Finance Berkshire Hathaway, led by billionaire Warren Buffett, has raised its ownership in Occidental Petroleum to just under 29%, reported Reuters, citing a regulatory filing. The move follows the acquisition of an additional 2.95 million shares, as revealed by a regulatory filing. The filing with the US Securities and Exchange Commission indicated that Berkshire Hathaway invested around $176m for the

Occidental hopes to close CrownRock acquisition by August

May 9, 2024

Oil Price Occidental Petroleum hopes it will have closed its $12-billion planned acquisition of Permian oil and gas producer CrownRock by the next quarterly earnings report at some point in August 2024, Oxy’s chief executive Vicki Hollub said on the Q1 call with analysts. At the end of last year, Oxy said it would buy CrownRock for cash and stock in a deal valued

Exclusive-Occidental explores $20 billion-plus sale of Western Midstream, sources say

February 20, 2024

Yahoo Finance Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter. Western Midstream shares rose 10% to $32.12 in afternoon trading in New York on Tuesday. The divestment would help Occidental, which is backed

Oxy beats expectations with robust Q4 results

February 15, 2024

Oil Price Occidental Petroleum reported its strongest quarterly financial results in three years for the final three months of 2023, beating analyst expectations. Net income attributable to shareholders came in at $1 billion for the period, which translated into $1.08 per diluted share. Adjusted earnings attributable to common shareholders came in at $710 million, or $0.74 per share. “Our teams performed exceptionally

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