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Occidental Petroleum Corporation (NYSE: OXY) is an international energy company that produces, markets and transports oil and natural gas, with assets primarily in the United States, the Middle East and North Africa. The company describes itself as one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins and offshore Gulf of America, and it emphasizes a focus on carbon management and low-carbon ventures through its Oxy Low Carbon Ventures subsidiary.
The OXY news feed on Stock Titan aggregates company announcements, press releases and other coverage related to Occidental’s operations and corporate actions. Readers can follow updates on quarterly and annual financial results, including earnings releases that the company furnishes on Form 8-K, as well as notices about upcoming earnings conference calls and related earnings considerations that management believes will impact results.
News for Occidental also includes information on dividends declared by the Board of Directors, asset divestitures and acquisitions. Recent examples in the supplied materials include announcements about divestitures of select Permian Basin assets for debt reduction, the acquisition of CrownRock, L.P., and the agreement and subsequent completion of the sale of Occidental’s chemical business, OxyChem, to Berkshire Hathaway Inc. for cash consideration, as reported in joint press releases and Form 8-K filings.
Occidental’s communications often highlight its midstream and marketing segment, its low-carbon ventures, and its efforts to manage its balance sheet through debt reduction and portfolio high-grading. By following the OXY news page, users can track these developments, review official company statements and monitor how Occidental describes its evolving portfolio and strategic priorities over time.
Enterprise Products Operating LLC and Oxy Low Carbon Ventures, both subsidiaries of EPD and OXY respectively, have signed a letter of intent to develop a carbon dioxide (CO2) transportation and sequestration project for the Texas Gulf Coast.
The initiative will leverage existing infrastructure from Houston to Beaumont/Port Arthur, combining Enterprise’s midstream expertise with OLCV’s CO2 management capabilities. They aim to commercialize services that aid industrial emitters in achieving net-zero goals through effective carbon management strategies.
Occidental (NYSE: OXY) will release its first quarter 2022 financial results on May 10, 2022, after market close. A conference call to discuss these results is scheduled for May 11, 2022, at 1 p.m. Eastern Time. Investors can access the conference via phone or webcast. The financial results will be available in the Investor Relations section of Occidental's website, along with a recording of the webcast. Occidental operates in the energy sector, prominently in oil production, and is focused on advancing low-carbon technologies.
Occidental's subsidiary, Oxy Low Carbon Ventures (OLCV), partnered with Weyerhaeuser Company to evaluate a carbon capture and sequestration project in Louisiana. OLCV aims to develop a hub on over 30,000 acres to permanently store industrial carbon dioxide in underground formations. This initiative is part of OLCV's strategy to create several sequestration hubs in the U.S., targeting a capacity to sequester hundreds of millions of metric tons of CO2. The agreement represents a significant step toward combating climate change and advancing sustainability goals.
Occidental (NYSE: OXY) has announced the election of Vicky A. Bailey to its Board of Directors, effective March 22, 2022. With over 35 years in the energy sector, Bailey previously served as President of Anderson Stratton International and held key positions at the U.S. Department of Energy and the Federal Energy Regulatory Commission. She aims to enhance shareholder value and support Occidental's Pathway to Net Zero initiative. Her diverse experience in energy policy and management will contribute to the company’s vision in advancing lower-carbon technologies.
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1PointFive, a subsidiary of Occidental (NYSE: OXY), has sold 400,000 tonnes of carbon removal credits to Airbus as part of its first Direct Air Capture (DAC) facility initiative. The agreement allows Airbus to secure 100,000 tonnes of CO2 removal annually for 4 years. This milestone demonstrates the feasibility of DAC technology in decarbonizing the aviation sector. The DAC facility, anticipated to be the world’s largest, will begin construction in the Permian Basin later in 2022, with a potential capacity of 1 million tonnes of CO2 removal per year.
On March 9, 2022, Occidental (NYSE: OXY) announced the results of its cash tender offers for outstanding notes. The maximum purchase price for Pool 1 Notes has been increased from $1.5 billion to $1.527 billion, and for Pool 2 Notes from $1 billion to $1.289 billion. The offers expired on March 4, 2022, and as of that date, valid tenders were accepted as specified. Settlement for the accepted notes will occur on March 9, 2022. The company engaged several financial institutions as lead dealers for the offers, which do not constitute a solicitation to buy or sell any securities.
Occidental (NYSE: OXY) has initiated cash tender offers to purchase outstanding notes amounting to a total of $2.5 billion. These offers are divided into two pools: Pool 1 with a maximum purchase price of $1.5 billion and Pool 2 with $1 billion. The offers will expire on March 4, 2022, with settlement expected on March 9, 2022. Holders can withdraw their validly tendered notes by the expiration time. The acceptance of notes will depend on certain conditions and acceptance priority levels outlined in the Offer to Purchase dated February 28, 2022.
Occidental (NYSE: OXY) announced a quarterly dividend increase to $0.13 per share, payable on April 15, 2022, to stockholders of record by March 10, 2022. This new annual rate of $0.52 marks a significant rise from the previous $0.04 per share. The CEO, Vicki Hollub, emphasized the company’s commitment to returning capital to shareholders as it works to reduce net debt and strengthen its balance sheet.
Occidental (NYSE: OXY) reported its fourth quarter 2021 financial results on February 24, 2022. The announcement is accessible through the company's Investor Relations website. A conference call will be held on February 25, 2022, at 1 PM Eastern for further discussion. Occidental is a major player in the energy sector, with significant operations across the U.S. and internationally. The company focuses not only on oil production but also on carbon management and innovative technologies aimed at reducing emissions. For additional details, visit oxy.com.