Signaling it will reach Permian Basin growth and efficiency goals six months ahead of schedule later this year, Occidental Petroleum Corp.’s (Oxy) senior executives on Wednesday reported sharp increases in 1Q2018 earnings, and a 12% bump in Permian boe daily production.
Tag / Occidental
SubscribeOccidental
Articles from Occidental
Oxy’s Permian — Legacy and New — Drive Output in 4Q
Occidental Petroleum Corp.’s (Oxy) senior executives on Wednesday were whistling a familiar tune regarding production growth and efficiency gains, led by the Permian Basin, with fourth quarter output jumping year/year by a record 20,000 boe/d to 159,000 boe/d.
Oxy Hits Pay Dirt in Sand Dunes of New Mexico Permian
Houston-based Occidental Petroleum Corp.’s (Oxy) most significant U.S. oil and natural gas results in 3Q2017 were found in the Permian Basin’s Sand Dunes area of New Mexico, where drilling results are shattering expectations, executives said Thursday during a conference call with analysts.
Oxy’s Former Chief Chazen to Lead Yet Another Energy-Focused Blank Check Company
Another blank check company created to acquire an energy business is preparing for its public debut and another esteemed, retired oil and natural gas executive has been tapped to oversee it.
Permian Sets Standard For Oxy Operations, Execs Say
Houston-based Occidental Petroleum Corp.’s (Oxy) plans to double down in the Permian Basin, as evidenced by its $2 billion purchase of additional oil and enhanced oil recovery (EOR) assets, company executives said Tuesday.
SandRidge Settles CO2 Contract Dispute With Occidental
In a move that releases SandRidge Energy Inc. from “significant” deficiency payments, the operator said it has settled a months-long dispute with a subsidiary of Occidental Petroleum Corp. (Oxy) over a project to remove carbon dioxide (CO2) from natural gas produced in the Pinon Field in the West Texas Overthrust (WTO).
Oxy California Spinoff Continues to Hunker Down; Asset Sales Off Table, CFO Says
The Occidental Petroleum Corp. (Oxy) spinoff, California Resources Corp. (CRC), is lowering its profile to fit a continuing low-priced commodity environment by shedding debt and rethinking the need for various asset sales, CFO Mark Smith said Wednesday as part of a panel discussion at the Goldman Sachs Global Energy Conference in Miami.
People
Marcia Backus, 59, has been named vice president and general counsel ofOccidental Petroleum Corp.effective Oct. 1. Backus is a partner atVinson & Elkins, where she has run the law firm’s energy transactions/projects practice group. Backus earned her law degree from theUniversity of Texasat Austin, where she co-founded the law school’s Center for Women in Law.
Oxy is California Dreamin’ About Monterey Shale
California’s Occidental Petroleum Corp. (Oxy) is eyeing 7 billion bbl of reserves from the Monterey Shale and other projects in the state, the management team said Tuesday.
People
Occidental Petroleum Corp. (Oxy) Chairman Ray Irani withdrew as a nominee to serve another term on the board of directors, and he was a no-show for the company’s annual meeting in Santa Monica, CA, on Friday (May 3), Oxy said. Edward Djerejian, a former U.S. diplomat who served as an ambassador to Israel and who is a former assistant secretary of State, is assuming the role of independent chairman. He has been an independent director since 1996. Spencer Abraham, the former secretary of Energy for President George W. Bush, was elected independent vice chairman. Irani, 78, had worked at Oxy since 1978, taking over as chairman and CEO in 1990 after founder Armand Hammer died. Irani, who had planned to retire in 2014, had turned over the CEO post two years ago to Steve Chazen, 66, who had served in the executive suite since 1994. Earlier this year Irani had attempted to oust Chazen, which led to criticism by major shareholders. However, days ago the board said Chazen would remain CEO through 2014 “with full board support.”