Reuters Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than half of the cuts. Oil and gas producers are deep into crisis mode as a result of the worldwide slump
Reuters Occidental Petroleum said on Wednesday billionaire Warren Buffett’s Berkshire Hathaway Inc had agreed to accept common shares of the oil producer instead of cash dividends for preferred stock. Berkshire last year bought $10 billion worth of Occidental’s preferred shares to help finance its acquisition of Anadarko Petroleum. Berkshire plans to sell the common shares, Occidental said in a regulatory
Houston Chronicle Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows. Occidental plans to cut $2.5 billion from its capital budget and $600 million from its operating budget. After the cuts, the company plans to spend between $2.7 billion and
HOUSTON, March 25, 2020 /PRNewswire/ — Occidental Petroleum Corporation (NYSE: OXY) announced today a further reduction in 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, a midpoint reduction of 47 percent. At current commodity prices, 2020 annual production from continuing operations is expected to be 1,275,000 to 1,305,000 BOEPD, a reduction of 6 percent compared to prior
Reuters Occidental Petroleum Corp (OXY.N) on Tuesday named its former chief executive officer, Stephen Chazen, as non-executive chairman of its board in a bid to end a long and bitter fight with activist investor Carl Icahn. WSJ had previously reported that the company planned to name Chazen as the new chairman to appease Icahn and that it was also close
Houston Chronicle Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter. The deal would also see the billionaire investor support the return of Occidental’s former Chief Executive Officer Stephen Chazen as chairman, the people said, asking not to
Houston Chronicle Occidental Petroleum Corp. implemented a so-called poison pill plan to defend against unsolicited takeover approaches just a day after activist investor Carl Icahn escalated his campaign to fire the beleaguered U.S. oil producer’s board. Such measures are usually deployed in hostile takeover situations. Occidental is implementing the plan later this month and will allow shareholders to vote on
Houston Chronicle Costs related to Occidental Petroleum’s acquisition of Anadarko Petroleum last year drove losses for the Houston oil and gas producer in 2019, the company said Friday. Oxy said it lost $965 million or $1.22 per share in 2019, compared with a $4.1 billion profit or $5.39 per share in the previous year. The company said it took on
Reuters In just 12 days, Occidental Petroleum Corp pulled off one of the biggest hedges against falling oil prices ever placed by a U.S. energy company. It characterized the transaction as “costless” but a Reuters review of regulatory filings, market data and interviews shows that’s not the whole story. The aim of the complex financial maneuver, the company said, was
Reuters Oil and gas producer Occidental Petroleum Corp said on Monday it would reduce its economic interest in pipeline operator Western Midstream Partners Lp to less than 50% in 2020. Occidental said it had reached agreements with Western, acquired in 2019 as part of its $38 billion acquisition of Anadarko Petroleum Corp, enabling Western to operate on an independent basis.
Houston Chronicle Occidental Petroleum added to its board of directors Thursday with the appointment of a former chief executive of Schlumberger as Oxy aims to instill more confidence with shareholders after risking its future to buy Anadarko Petroleum for $38 billion last year. Andrew Gould, who previously headed the world’s largest oilfield services firm until 2011, will join the board of
Houston Chronicle Carl Icahn plans to nominate a slate of 10 directors in an attempt to seize control of the board of U.S. oil and gas producer Occidental Petroleum Corp., according to people familiar with the matter. The billionaire investor, who owns a stake in the company valued at about $1 billion, plans to make his move before the Nov.
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