Welcome to our dedicated page for Occidental Petroleum news (Ticker: OXY), a resource for investors and traders seeking the latest updates and insights on Occidental Petroleum stock.
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.
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.
Occidental (NYSE: OXY) will announce its fourth quarter 2021 financial results after the market closes on February 24, 2022. A conference call to discuss the results is scheduled for February 25, 2022, at 1 p.m. Eastern. Participants can join the call by dialing 1-866-871-6512 or through a webcast available on the company's investor relations website.
Financial results will be accessible via the Investor Relations section, and a recording of the webcast will be posted shortly after the call.
Occidental (NYSE:OXY) will conduct its OLCV Investor Update on March 23, 2022, at 10 a.m. Eastern. This event will present a comprehensive overview of Occidental's low-carbon strategy, focusing on direct air capture technology, its commercialization, and additional carbon reduction solutions. Participants can join via webcast or conference call. Occidental is a prominent energy company, recognized as one of the largest oil producers in the U.S., with a commitment to advancing carbon management and reducing emissions.