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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 (NYSE: OXY) has announced a temporary offer for holders of its outstanding publicly traded warrants to exercise them at a reduced price of $21.30, down from the original $22.00 exercise price. The warrants, trading under symbol 'OXY WS', were initially distributed as a dividend on August 3, 2020.
The offer expires on March 31, 2025 at 5:00 p.m. Eastern Time, unless extended. If all outstanding warrants are exercised at the reduced price, Occidental would receive approximately $1.6 billion in gross proceeds, which the company plans to use for general corporate purposes, including potential redemption or repayment of outstanding debt.
Warrant holders can withdraw their participation anytime before the expiration date. The offer aims to encourage warrant exercise through the temporary price reduction, with D.F. King & Co. serving as the Information Agent for the transaction.
Occidental (NYSE: OXY) has achieved its near-term debt repayment target of $4.5 billion in Q4 2024, five months after the CrownRock acquisition and seven months ahead of schedule. The company has also signed two agreements in Q1 2025 to divest upstream assets for $1.2 billion, including Rockies non-operated assets and Permian Basin assets not in their near-term development plan.
The proceeds from these divestitures, expected to close in Q1 2025, will be applied to the company's remaining 2025 debt maturities. The company plans to continue its deleveraging efforts through free cash flow and additional divestitures.
Occidental (NYSE: OXY) has announced its fourth quarter 2024 financial results. The company will host a conference call on Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central to discuss the results. Investors can access the earnings release and financial schedules through the company's Investor Relations website at oxy.com or through the SEC website. The conference call can be accessed via phone (1-866-871-6512 for domestic calls, 1-412-317-5417 for international calls) or through a webcast at oxy.com/investors. Pre-registration for the call is available. A recording of the webcast will be posted on the company's Investor Relations website after the call.
Occidental (NYSE: OXY) has announced it will release its fourth quarter 2024 financial results after market close on Tuesday, February 18, 2025. The company will host a conference call to discuss these results on Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central.
Investors can access the conference call through multiple channels: by dialing 1-866-871-6512 (international: 1-412-317-5417) or via webcast at oxy.com/investors. Pre-registration is available at the provided link. The financial results will be accessible through the company's Investor Relations website section, and a recording of the webcast will be posted shortly after the call concludes.
Occidental (NYSE: OXY) has announced its third quarter 2024 financial results. The company has made the earnings release and financial schedules available through its Investor Relations website section at oxy.com and on the SEC's website at sec.gov.
A conference call to discuss the results is scheduled for Wednesday, November 13, 2024, at 1 p.m. Eastern/12 p.m. Central. Investors can access the call via phone (1-866-871-6512 for domestic, 1-412-317-5417 for international) or webcast at oxy.com/investors. A recording will be posted on the company's website after the call.
Occidental (NYSE: OXY) has announced its schedule for releasing third quarter 2024 financial results and hosting a conference call. The company will disclose its financial results after market close on Tuesday, November 12, 2024. A conference call to discuss these results is scheduled for Wednesday, November 13, 2024, at 1 p.m. Eastern/12 p.m. Central.
Interested parties can access the conference call by dialing 1-866-871-6512 (or 1-412-317-5417 for international callers) or via webcast at oxy.com/investors. Pre-registration for the call is available at https://dpregister.com/sreg/10192316/fd653e56d4. The financial results will be accessible through the Investor Relations section of Occidental's website, and a recording of the webcast will be posted shortly after the call concludes.
Permian Resources (NYSE: PR) has successfully closed its previously announced acquisition of assets from Occidental (NYSE: OXY). The acquired assets include:
- ~29,500 net acres of leasehold interests
- ~9,900 net royalty acres
- Substantial midstream infrastructure
These assets are primarily located adjacent to the Company's existing position in Reeves County, Texas. This strategic bolt-on acquisition strengthens Permian Resources' footprint in the core Delaware Basin, potentially enhancing its operational efficiency and production capabilities in the region.
1PointFive, a subsidiary of Occidental (OXY), has been awarded up to $500 million by the U.S. Department of Energy to support the development of the South Texas Direct Air Capture (DAC) Hub. This funding marks a significant milestone in advancing commercial-scale DAC technology in the United States. The initial $50 million award will support ongoing work at the hub, including engineering, permitting, and equipment procurement.
The South Texas DAC Hub, located on the King Ranch in Kleberg County, will have an initial CO2 removal capacity of 500,000 metric tons per year, with plans to expand to over 1 million metric tons annually. The site has the potential to scale up to 30 million metric tons of CO2 removal per year and can securely store up to 3 billion metric tons of CO2 in saline formations.
Occidental (NYSE: OXY) has announced significant progress in its debt reduction and divestiture initiatives. The company has achieved $3 billion in principal debt reduction in the third quarter of 2024, utilizing robust organic cash flow and divestiture proceeds. A public offering of Occidental's common units in Western Midstream Partners, LP raised $700 million, bringing total 2024 year-to-date closed or announced divestments to approximately $1.7 billion.
Following the expected close of the Delaware Basin Barilla Draw divestiture in late Q3, Occidental anticipates a total year-to-date reduction of over $3.8 billion in principal debt. This represents nearly 85% of their near-term $4.5 billion debt reduction commitment. The company plans to continue its deleveraging efforts through free cash flow and ongoing divestitures.
Western Midstream Partners, LP (NYSE: WES) has announced the pricing of a secondary public offering of 19,000,000 common units by affiliates of Occidental (NYSE: OXY). The offering is expected to raise $685.9 million in gross proceeds and close on August 14, 2024. Barclays, the sole book-running manager, has been granted a 30-day option to purchase up to 2,850,000 additional units. WES will not receive any proceeds from the sale as it is not selling any units in this offering. The offering is being made through a prospectus supplement and base prospectus, part of a shelf registration statement that became effective on March 30, 2023.