Occidental Petroleum Corporation reports developments for an international energy company that produces, markets and transports oil and natural gas and operates primarily in the United States, the Middle East and North Africa. Company news centers on quarterly financial results, production performance, reserves, midstream and marketing activity, and capital spending.
Recurring updates also cover regular common-stock dividends, senior note and debenture tender offers, consent solicitations, debt-reduction actions, Gulf of America exploration activity, and governance matters such as management succession planning. Occidental also describes its carbon management work and lower-carbon technologies as part of its broader energy portfolio.
Smead Capital Management announces its second annual Smead Investor Oasis on February 6, 2023, at Hilton Scottsdale Resort in Scottsdale, AZ. The event features presentations from Smead Capital and prominent figures, including Vicki Hollub, CEO of Occidental (OXY), discussing her management style and outlook on the energy sector. Additionally, Anas Abuzaakouk from BAWAG Group will share insights on European banking. Investors can look forward to a live podcast recording with Amity Schlaes discussing her book, Great Society: A New History.
Enbridge and Oxy Low Carbon Ventures announced plans to jointly develop a carbon dioxide (CO2) sequestration hub in the Corpus Christi area, Texas. A letter of intent has been signed to explore this project, aiming to provide a complete CO2 solution for local emitters through a pipeline transportation system and sequestration facility. Enbridge will manage pipeline operations, while OLCV will handle sequestration facilities. The initiative is expected to support other emitters in the area and contribute to decarbonization efforts, aligning with both companies' net-zero strategies.
Occidental (NYSE: OXY) announced its third quarter 2022 financial results on November 8, 2022. The full earnings release and related financial documents are accessible via the company’s Investor Relations section on oxy.com and the SEC’s website. A conference call is scheduled for November 9, 2022, at 1 p.m. Eastern, which can be joined by phone or webcast. Occidental is a leading energy company with significant assets in the U.S., Middle East, and North Africa, involved in oil production, midstream operations, and chemical manufacturing.
Occidental (NYSE: OXY) has announced a quarterly dividend of $0.13 per share, scheduled for payment on January 17, 2023. The record date for stockholders is set for December 12, 2022.
Occidental is a significant player in the international energy market, focusing on oil production in the U.S., Middle East, and North Africa. Its operations include oil and gas production, midstream services, and chemical manufacturing, alongside initiatives aimed at reducing emissions through innovative technologies.
Occidental has signed a lease agreement with King Ranch for 106,000 acres in Texas, enabling large-scale Direct Air Capture (DAC) projects for carbon sequestration. This site has the potential to store up to 3 billion metric tons of CO2, facilitating the removal of 30 million metric tons of CO2 annually. The agreement will support Occidental's plans for commercial DAC plants, emphasizing decarbonization efforts. This represents one of the largest DAC deployment projects globally, with expectations for substantial environmental impact.
Occidental's Low Carbon Ventures (OLCV) subsidiary has partnered with Natural Resource Partners L.P. to assess the development of a CO2 sequestration hub in southeast Texas. This hub, covering approximately 65,000 acres, aims to store over 500 million metric tons of CO2. This initiative aligns with OLCV’s goals to provide solutions for industrial carbon emissions and supports broader decarbonization efforts.
OLCV plans to collaborate with its subsidiary, 1PointFive, to advance this project, reinforcing its commitment to achieving net-zero carbon emissions.
Natural Resource Partners L.P. (NYSE: NRP) announced an agreement with Occidental’s Low Carbon Ventures (OXY) to evaluate a carbon dioxide (CO2) sequestration hub in southeast Texas. This partnership will utilize approximately 65,000 acres of pore space controlled by NRP, with a total estimated storage capacity of 500 million metric tons of CO2. NRP currently manages about 140,000 acres for CO2 sequestration, aiming to develop its carbon-neutral portfolio. This move is part of broader strategies to support decarbonization.
Occidental (NYSE: OXY) will report its third quarter 2022 financial results on November 8, 2022, after market close. A conference call to discuss these results is scheduled for November 9, 2022, at 1 p.m. Eastern/12 p.m. Central. Interested participants can join by calling 1-866-871-6512 or via webcast at oxy.com/investors. The results will be accessible on the company's website, and a recording of the call will be available shortly afterward.
Western Midstream Partners, LP (NYSE: WES) announced a letter of intent with Occidental Petroleum Corporation (NYSE: OXY) to explore low-carbon intensity oil and gas production. The collaboration focuses on developing carbon dioxide (CO2) capture, transportation, and sequestration services in Texas and Colorado. Oxy plans to install carbon capture facilities on its upstream activities, while WES will do the same at its natural gas plants. This partnership aims to enhance sustainability and provide carbon management services to other emitters, reinforcing the companies' commitment to reducing greenhouse gas emissions.
Occidental (NYSE: OXY) plans to begin construction of its first large-scale Direct Air Capture (DAC) plant in Ector County, Texas, in Q3 2022, aiming for operational start-up in late 2024. The facility, once complete, is set to capture up to 500,000 metric tons of CO2 annually, with potential scalability to 1 million metric tons. The project will employ over 1,000 during construction and about 75 once operational, aligning with Occidental’s net-zero strategy. Collaborations with Carbon Engineering and Worley for technology development are highlighted, along with agreements for solar power and carbon credit sales.