The Permian Basin in West Texas is the main engine driving Occidental Petroleum Corp. (Oxy) to record oil/gas production levels as its overseas operations continue to struggle in the Middle East/North Africa and Colombia, CEO Stephen Chazen said Thursday.
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Oxy Sets Production Record, Focusing on Permian, California
With an emphasis on oil over natural gas, Los Angeles-based Occidental Petroleum Corp. (Oxy) continued to shatter company production records in barrels of oil equivalent (boe) globally and domestically, Oxy senior executives said Thursday. At 755,000 boe Oxy’s daily oil/gas production was the highest in its history; and its U.S. totals of 455,000 boe set a record for the sixth straight quarter.
Industry Brief
A unit of Occidental Petroleum Corp. (Oxy) has a tentative agreement with Port of Corpus Christi, TX, administrators to acquire a major portion of the former U.S. Naval Station Ingleside. Oxy’s Ingleside Property Holdings LLC would acquire more than 1,200 acres for $82.1 million. Completion of the deal is subject to approval of the Port Corpus Christi commission and the company’s board. “Definitely, Eagle Ford Shale is part of the opportunity that plays into this strategic investment,” Paul Thomas, manager of Oxy Chem’s existing Ingleside, TX, plant told the Corpus Christi Caller Times. An Oxy spokesman would not provide additional information when contacted by NGI’s Shale Daily.
California Drilling Gets Positive Reception, Says Oxy
Occidental Petroleum Corp. (Oxy) CEO Stephen Chazen last Wednesday said the permitting process to drill in California has been streamlined, and he credited Democratic Gov. Jerry Brown for the turnaround.
Oxy to Reduce Gas Drilling in North America
Los Angeles-based Occidental Petroleum Corp. (Oxy) intends to stick with plans it announced last year to cut natural gas production in the Midcontinent because low prices continue to be “horrible,” CEO Stephen Chazen said Wednesday.
Occidental Has Record Output, Driven by Shale
Hitting an all-time high in domestic U.S. energy production with shale plays as a major driver, Occidental Petroleum Corp.(Oxy) still looks to cut its natural gas production in the Midcontinent basins because of continuing low prices, CEO Stephen Chazen said Thursday.
Occidental Hits Record U.S. Output, Driven by Shale
Hitting an all-time high in domestic U.S. energy production with shale plays as a major driver, Occidental Petroleum Corp.(Oxy) still looks to cut its natural gas production in the Midcontinent basins because of continuing low prices, CEO Stephen Chazen said Thursday.
Oxy Shale Well Count to Grow, CEO Says
Riding the continuing wave of high oil prices, Occidental Petroleum Corp. (Oxy) expects its shale well count to keep growing, drilling 150-175 wells this year in California, said CEO Stephen Chazen during an earnings conference call with financial analysts Tuesday.
Oxy’s Proven Reserves Grow in California, Permian Basin
Occidental Petroleum Corp. (Oxy) said Wednesday that its year-end 2009 worldwide proved reserves jumped to 3.23 billion boe from 2.98 billion boe at the end of 2008.
Oxy’s Proven Reserves Grow in California, Permian Basin
Occidental Petroleum Corp. (Oxy) said Wednesday that its year-end 2009 worldwide proved reserves jumped to 3.23 billion boe from 2.98 billion boe at the end of 2008.