Occidental Petroleum

‘No Interest’ in Purchasing or Managing Oxy, Berkshire’s Buffett Tells Shareholders

‘No Interest’ in Purchasing or Managing Oxy, Berkshire’s Buffett Tells Shareholders

Berkshire Hathaway may own more than one-quarter of Occidental Petroleum Corp. (Oxy), but the giant investment firm has no plans to take over, Chairman Warren Buffett said. Oxy is an investment “that we expect to maintain indefinitely,” Buffett stated In his annual letter to shareholders. At the end of 2023, Berkshire owned 27.8% of Oxy’s…

February 27, 2024
Oxy-CrownRock Deal Caps Record Permian M&A Year as Dealmaking Surpasses $100B

Oxy-CrownRock Deal Caps Record Permian M&A Year as Dealmaking Surpasses $100B

The aggregate value of mergers and acquisitions (M&A) in the Permian Basin has surpassed $100 billion this year with the recently announced $12 billion takeover by Occidental Petroleum Corp. (Oxy) of CrownRock LP, eclipsing the previous record of $65 billion set in 2019, according to new analysis by Wood Mackenzie.  The Oxy-CrownRock deal followed ExxonMobil’s…

December 15, 2023
Lower 48 Natural Gas, Oil Permitting Rebounds in December, Led by Texas and Wyoming

Lower 48 Natural Gas, Oil Permitting Rebounds in December, Led by Texas and Wyoming

U.S. natural gas and oil drilling permit activity ended the year surpassing expectations, climbing 13% in December or up by 389 permits from November, according to Evercore ISI. The energy analyst team led by James West compiles domestic permitting figures using state and federal data. Lower 48 permits often are issued three to six months…

January 18, 2023
Oxy Scores with Houston Texans to Reduce Team’s Carbon Emissions

Oxy Scores with Houston Texans to Reduce Team’s Carbon Emissions

The NFL’s Houston Texans have signed up a unit of Occidental Petroleum Corp. to tackle and bring down carbon emissions for the team’s air travel over the next three seasons. Oxy, as it is known, said subsidiary 1PointFive clinched an agreement and sponsorship with the team to help defray carbon dioxide (CO2) emissions for air…

January 11, 2023
NET Power Merger with Rice SPAC Said to Accelerate Decarbonizing Natural Gas

NET Power Merger with Rice SPAC Said to Accelerate Decarbonizing Natural Gas

NET Power LLC, whose technology is designed to reduce carbon emissions from natural gas, on Wednesday agreed to combine with Rice Acquisition Corp. II to advance solutions in a transaction worth an estimated $1.46 billion. Rice Acquisition, a special purpose acquisition company (SPAC), is focused on supply-side carbon dioxide (CO2) reductions. Once the transaction is…

December 14, 2022
Permian Tapped for Milestone Net-Zero Natural Gas Power Plant, Says NET Power

Permian Tapped for Milestone Net-Zero Natural Gas Power Plant, Says NET Power

With a pilot project validating an innovative system to produce electricity from natural gas while generating near-zero emissions, NET Power LLC is leading a consortium to construct a 300 MW carbon-free generator in the Permian Basin. NET Power advanced the West Texas project following success with its supercritical carbon dioxide (CO2) demonstration plant in 2018.…

November 9, 2022
Oxy, Western Midstream Eyeing Low-Carbon Opportunities in Permian, DJ Portfolios

Oxy, Western Midstream Eyeing Low-Carbon Opportunities in Permian, DJ Portfolios

Houston-based Occidental Petroleum Corp. and Western Midstream Partners LP (WES) are looking for ways to deliver low-carbon oil and natural gas products from their existing portfolios in Colorado and Texas. Oxy, as it is known, and WES plan to explore carbon dioxide (CO2) capture projects in the Permian and the Denver-Julesburg (DJ) basins, according to…

October 4, 2022
Magnolia Founder, Longtime Oxy Chief Chazen Remembered for ‘Profound’ Impact on Oil, Gas Industry

Magnolia Founder, Longtime Oxy Chief Chazen Remembered for ‘Profound’ Impact on Oil, Gas Industry

Stephen Chazen, the former chief executive of Magnolia Oil & Gas Corp., has passed away, the independent exploration and production company (E&P) said Friday. Chazen, who led the company since its inception four years ago, stepped down from his position only two days prior to his death, citing serious health reasons. “We are greatly saddened…

September 23, 2022
Oxy’s Hollub Says ‘Good Things’ in Senate Bill for E&Ps, CCUS

Oxy’s Hollub Says ‘Good Things’ in Senate Bill for E&Ps, CCUS

The sweeping Inflation Recovery Act, which cleared the Senate over the weekend, offers many positives for the energy sector, according to Occidental Petroleum Corp. CEO Vicki Hollub. Houston-based Oxy, as it is better known, held its second quarter conference call Thursday, helmed by Hollub and her executive team.  The exploration and production (E&P) independent has…

August 9, 2022