Houston Chronicle Occidental Petroleum Corp. pledged to slash spending by 40% next year after quarterly profit fell short of forecasts due in part to the oil explorer’s $37 billion takeover of Anadarko Petroleum Corp. Shale drilling in the U.S. Permian Basin will account for the biggest chunk of cuts as the company merges duplicate operations. Still, overall output will increase
Houston Chronicle Houston oil company Birch Resources is planning a big push in the Permian Basin’s prolific Spraberry field. The company is seeking permission from the Railroad Commission of Texas to develop 19 horizontal wells targeting the Spraberry at total depths ranging from 7,600 to 9,1000 feet. The project is located on the company’s Big Jay leases about 7 miles southeast of
Source: Reuters Oil and gas producer Occidental Petroleum nudged its estimate for third-quarter production higher on Tuesday, helped by fewer shutdowns in Colorado’s DJ basin and strong performance in its Permian Resources unit. The shale producer, which completed the purchase of rival Anadarko Petroleum in August, now expects production from continuing operations to be 1.1 million to 1.12 million barrels
Source: Houston Chronicle Occidental Petroleum opened the first solar farm to directly power its oil and gas operations. Houston-based Oxy said the Goldsmith solar farm will provide the electricity to power its enhanced oil recovery operations in West Texas’ Permian Basin. “Occidental is taking an important step toward realizing our aspiration to become carbon neutral through the use of emissions-free
By Tyler Losier, Energy Reporter, Oil & Gas 360 ExxonMobil partners with Mosaic Materials in order to pursue carbon capture technology ExxonMobil (stock ticker: XOM), an international oil and gas supermajor, has partnered with Mosaic Materials, a chemicals and engineering company, in order to explore and advance technology that can be used to remove carbon dioxide from emissions sources. The
By Tyler Losier, Energy Reporter, Oil & Gas 360 Enerflex names Sanjay Bishnoi as senior vice president and CFO, David Izett as senior vice president and general counsel Enerflex Ltd. (stock ticker: ENRFF), a Calgary-based oilfield service company, has appointed Sanjay Bishnoi as senior vice president and chief financial officer, and David H. Izett as senior vice president and general
From Reuters Pipeline operator Lotus Midstream LLC may reverse flows on a line now sending crude from West Texas to Cushing, Oklahoma, the main hub for pricing U.S. crude futures, three people familiar with the matter said on Tuesday, an unusual move that could lift U.S. benchmark prices by draining supplies. Reversing the flow on a portion of Lotus’s Centurion
From The Houston Chronicle With Occidental Petroleum finalizing its $38 billion acquisition of Anadarko Petroleum last week, Oxy is now lowering its oil and gas production guidance for the legacy Anadarko assets. For the rest of this year, Oxy said Anadarko’s assets will see lower production volumes by at least a couple of percentage points than anticipated because of pipeline
From Reuters Occidental Petroleum Corp (OXY.N) expects to quickly reduce the $40 billion in debt it took on with its purchase of Anadarko Petroleum, the company’s finance chief said on Monday. Cedric Burgher, in his first public remarks since the $38 billion acquisition closed last week, told an Enercom energy conference audience, the resulting debt burden was “not that bad,”
By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum completes its $55 billion takeover of Anadarko Petroleum Occidental Petroleum Corporation (stock ticker: OXY), led by President and CEO Vicki Hollub, has completed its acquisition of Anadarko Petroleum Corporation (stock ticker: APC) in a deal worth $55 billion, including the assumption of Anadarko’s debt. The closing of the transaction
By Tyler Losier, Energy Reporter, Oil & Gas 360 Icahn Enterprises closes sale of Ferrous Resources to Vale S.A. for $550 million Icahn Enterprises L.P. (stock ticker: IEP), a conglomerate company owned by American investor Carl Icahn, has closed on its previously announced sale of Ferrous Resources Limited to Brazilian mining company Vale S.A. for a total consideration of $550
From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling
