World Oil (Bloomberg) — Occidental Petroleum Corp., the shale giant backed by Warren Buffett, plans to build 70 carbon capture facilities around the world by 2035 that will each remove as much as 1 million tons per year of the greenhouse gas directly from the atmosphere. Construction on the first, $1 billion so-called direct air capture plant in the Permian
CNBC In his annual letter to shareholders released less than one week ago, Warren Buffett complained he could “find little that excites us” in the equity markets. However a new SEC filing from Friday night revealed that someone at Berkshire Hathaway, either Buffett himself or his portfolio managers, is very excited about Occidental Petroleum. As of Friday, Berkshire owns 91.2 million common shares of the
World Oil ABU DHABI (Bloomberg) – The world’s biggest oil and gas companies and many OPEC+ energy ministers are meeting in Abu Dhabi this week for the ADIPEC conference — one of the first major in-person events for the industry since the onset of the coronavirus pandemic. The Organization of Petroleum Exporting Countries and its allies are likely to maintain
Reuters Occidental Petroleum Corp said on Thursday it would sell some of its acreage in Texas’ Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million. The oil producer has cut jobs, production and the value of its assets after the pandemic hammered fuel demand, piling pressure on a company that had taken on
Reuters A recovery in the price of oil to more than two-year highs is offering a long-awaited opening to companies and private equity firms to shed unloved assets in the U.S. oil patch. Sales of land parcels worth $6.9 billion have been announced in the first five months of 2021, almost eclipsing the $7 billion recorded in all of 2020,
Reuters NEW YORK – The oil industry is recovering from a collapse in demand triggered by the coronavirus pandemic, but U.S. shale production will not recover to levels seen before the pandemic, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday. “The recovery is looking really good to us. If you look at what’s happening in India as well as
Reuters Occidental Petroleum Corp, Diamondback Energy Inc and a host of smaller Permian-focused U.S. shale producers on Monday forecast lower oil output in the first quarter, giving the first indications of the hit to the industry caused by last week’s winter storm. Areas of Texas not used to the cold were hit by sub-zero temperatures and record snow falls last
HOUSTON, Dec. 21, 2020 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced the e…
CNBC Top energy chief executives say oil demand will recover next year, but they expect volatility to remain elevated, as the industry emerges from the reckoning of the coronavirus pandemic. “We face a lot of uncertainty,” Total CEO Patrick Pouyanne told an invitation-only gathering of more than 30 senior oil and gas executives, who met virtually on Wednesday for the
CNBC It’s no secret how hard integrated oil names have been hit this year due to the global economic consequences of the coronavirus pandemic, and Occidental Petroleum has been among the worst hit of all the companies in the space. The stock has lost more than 60% of its value since the beginning of the year, leading Warren Buffett’s Berkshire Hathaway to liquidate its stake in
Reuters Occidental Petroleum expects oil and gas output to dip in the second half of the year and will not boost production until it “significantly” reduces debt, Chief Executive Vicki Hollub said on Tuesday. The company has been struggling with debt taken on during its $38 billion acquisition of Anadarko Petroleum last year, an ill-timed bet on oil prices rising.
CNBC Sixteen of the world’s leading energy executives met virtually at an unprecedented meeting Tuesday night to talk about how big oil will navigate its biggest crisis in recent history while confronting the coronavirus pandemic. “Each one of us has had to guide our respective organizations through these difficult times,” said UAE Minister of State Dr. Sultan Ahmed Al Jaber, who
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