Occidental Petroleum Corp. will need to spend more capital in 2022 to maintain oil production at 2021 levels, CEO Vicki Hollub said.

oxy assets map

Hollub discussed the plans of Occidental, better known as Oxy, during a conference call to discuss fourth-quarter results.

Houston-based Oxy is one of the largest U.S. oil producers, with a leading footprint in the Permian and Denver-Julesburg basins, as well as in the Gulf of Mexico (GOM). Internationally, Oxy has operations in the Middle East and North Africa.

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Oxy expects oil and gas capital expenditures (capex) to total $3.2-3.4 billion in 2022, up from $2.41 billion in 2021.

The firm is allocating...