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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.
Permian Resources (NYSE: PR) reported its second quarter 2024 results and revised its full-year guidance upwards. The company announced daily oil production of 152.9 MBbls/d and total production of 338.8 MBoe/d, marking increases of 1% and 6%, respectively, from the previous quarter.
Operating efficiency improved, with controllable cash costs down by 8% and drilling costs per foot reduced by 13% from 2023. The company generated adjusted free cash flow of $332 million and returned $193 million to shareholders via dividends and share repurchases. Additionally, Permian completed the acquisition of 29,500 net acres from Occidental for $817.5 million.
Updated guidance now forecasts oil production of 151-153 MBbls/d and total production of 320-330 MBoe/d. The company's financials also showed net cash provided by operating activities of $938 million and $1.10 per adjusted basic share.
Occidental (NYSE: OXY) has announced the termination of its Exchange Offer and Consent Solicitation for CrownRock Notes. The offer aimed to exchange any and all outstanding 5.000% Senior Notes due 2029 issued by CrownRock, L.P. and CrownRock Finance, Inc. for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Occidental and cash. As a result of the termination:
- No total consideration will be paid to holders who validly tendered their CrownRock Notes
- Tendered CrownRock Notes will be promptly returned to holders
- Proposed amendments to the CrownRock Indenture will not become effective
Global Bondholder Services served as the exchange agent and information agent for the terminated offer.
Occidental (NYSE: OXY) has successfully completed its acquisition of CrownRock, L.P., as announced on August 1, 2024. This strategic move strengthens Occidental's portfolio, which the company now considers to be at its strongest and most differentiated in its history. President and CEO Vicki Hollub emphasized the significance of the acquisition, highlighting the addition of valuable assets and the integration of new team members. The combined workforce is expected to focus on the safe and efficient development of low-emission, low-cost energy, aligning with industry trends towards sustainability and cost-effectiveness.
Permian Resources (NYSE: PR) has announced a strategic bolt-on acquisition of core Delaware Basin assets from Occidental (NYSE: OXY) for $817.5 million. The deal includes ~29,500 net acres, ~9,900 net royalty acres, and ~15,000 Boe/d production, primarily in Reeves County, Texas. Key highlights include:
1. Over 200 gross operated, two-mile locations with high NRIs
2. Substantial midstream assets, including >100 miles of pipelines and water infrastructure
3. Attractive valuation at ~3.4x 2025E EBITDAX and ~17% free cash flow yield
4. Accretive to cash flow, free cash flow, and NAV per share
5. Financed through a combination of equity and debt
6. Expected to maintain leverage of ~1x net debt-to-EBITDAX
The transaction is set to close by the end of Q3 2024, with an effective date of July 1, 2024.
Occidental (NYSE: OXY) has announced significant progress in its divestiture and debt reduction program. The company has agreed to sell certain Delaware Basin assets to Permian Resources for approximately $818 million. Additionally, Occidental has completed several dispositions in 2024, totaling approximately $152 million. These transactions bring the total year-to-date proceeds of closed or announced divestments to $970 million.
The sales are part of Occidental's previously announced $4.5 billion-$6 billion divestiture program, aimed at derisking the financing of the CrownRock acquisition and accelerating shareholder returns. The assets being sold to Permian Resources include 27,500 net acres in the Barilla Draw Field of the Texas Delaware Basin and 2,000 net acres in the New Mexico Delaware Basin, with combined net production estimated at 15,000 barrels of oil equivalent per day for Q4 2024.
Occidental (NYSE: OXY) has announced a regular quarterly dividend of $0.22 per share on common stock. The dividend will be payable on October 15, 2024, to stockholders of record as of the close of business on September 10, 2024. This announcement demonstrates Occidental's commitment to returning value to shareholders through consistent dividend payments. The declaration of a regular quarterly dividend suggests stability in the company's financial position and confidence in its ability to generate cash flow.
Occidental (NYSE: OXY) has launched a private exchange offer for CrownRock's 5.000% Senior Notes due 2029, offering up to $376,084,000 in new Occidental Notes and cash. This offer is linked to Occidental's planned acquisition of CrownRock, announced on December 10, 2023. The exchange offer includes a consent solicitation to amend the CrownRock Notes' indenture, removing certain restrictive covenants and events of default.
Eligible holders tendering by the Early Participation Date (August 1, 2024) will receive the Total Consideration, including a $2.50 cash Consent Payment and $30 Early Participation Premium in Occidental Notes per $1,000 of CrownRock Notes. The exchange offer expires on August 16, 2024, with an expected early settlement date in August 2024, coinciding with the CrownRock acquisition closing.
Occidental (NYSE: OXY) has announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for its acquisition of CrownRock, L.P. has expired. This expiration satisfies the conditions for closing, except those to be fulfilled at the closing itself. The CrownRock acquisition is expected to close in August, following the completion of the financing marketing period outlined in the purchase agreement.
President and CEO Vicki Hollub expressed anticipation for closing the transaction and integrating CrownRock's team. Occidental is also progressing with a divestiture program aimed at enhancing its portfolio and optimizing shareholder returns.
Occidental (NYSE: OXY) will release its second quarter 2024 financial results after market close on August 7, 2024. The company will host a conference call to discuss these results on August 8, 2024, at 1 p.m. Eastern/12 p.m. Central. Interested parties can join the call by dialing provided numbers or via a webcast on the company's investor relations page. The webcast recording will be available on the website shortly after the call.
On June 11, 2024, Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY), announced a partnership with TAE Technologies to explore using TAE's fusion technology for emissions-free power and heat at Direct Air Capture (DAC) facilities. This agreement aims to complement Occidental's low-emission energy sources, including solar and NetPower, depending on location and future technological advancements. The collaboration offers TAE Technologies a platform to demonstrate the reliability, cost savings, and safety of their power management systems in commercial settings. OLCV's Vice President, Frank Koller, and TAE Technologies' CEO, Michl Binderbauer, emphasized the potential of fusion energy for sustainable, large-scale power generation.