Company Reports

Occidental reported adjusted EBITDA of $5.6 billion versus $4.7 billion S&P consensus. Production came in at 1,433 thousand barrels of oil equivalent per day, 23 mboe/d higher than guidance. Cost efficiencies also lifted performance.

Occidental Petroleum is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment. It also holds an equity interest in Western Midstream but has recently taken steps to increase its independence.

We have published an outlook on 2035 North American natural gas demand, which we see growing to 169 billion cubic feet per day (Bcf/d).

Occidental Petroleum is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment. It also holds an equity interest in Western Midstream but has recently taken steps to increase its independence.

Occidental reduced its debt to under $14 billion in the first quarter and has set $10 billion as its next target. It guided production down 1% as asset sales, production-sharing agreements, and disruptions in the Middle East more than offset performance improvements in the Permian and Rockies.

Occidental Petroleum is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment. It also holds an equity interest in Western Midstream but has recently taken steps to increase its independence.

The United Arab Emirates announced it will leave The Organization of the Petroleum Exporting Countries after six decades of membership effective May 1.

Occidental is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment. It also holds an equity interest in Western Midstream but has recently taken steps to increase its independence.

Over the March 14-15 weekend, the US conducted large-scale strikes on Kharg Island, according to NBC News. The island houses Iran's critical crude export terminal, which ships over 90% of Iran's crude exports. We understand that the strikes focused on military targets and avoided oil infrastructure.

On March 10, a CNN source report said Iran has begun laying mines in the Strait of Hormuz. The strait is the world's most important maritime route, as about 20% of global crude volumes pass through it. While not extensive, nearly 15 million barrels per day of crude production are stranded there now.

The US has agreed to provide insurance backstops and naval escorts for commercial vessels transiting the Strait of Hormuz amid Iran's sustained attacks on ships in response to US-Israeli strikes launched over the weekend. In response, Brent prices declined a bit to the upper-70s.

On Feb. 28, the US and Israel launched strikes on Iran with the goal of regime change. Brent benchmark oil prices had risen over 7% by March 2 morning trading.

The US has assembled a massive force of jet fighters and aircraft support to the Middle East. Negotiations over Iran's enrichment of uranium haven't yielded a resolution between the two nations. President Donald Trump indicated he will decide in 10 days whether to begin kinetic strikes against Iran.

Occidental is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment. It also holds an equity interest in Western Midstream but has recently taken steps to increase its independence.

Occidental reported production over the top end of guidance, 1481 thousand barrels of oil equivalent per day, versus a midpoint of 1460 mboe/d, while retiring $5.4 billion of debt and increasing the dividend. On Feb. 18, the Financial Times reported that subsidiary WES was looking to acquire KNTK.

Occidental Petroleum has improved its financial position by paying down debt, reducing the downside risk of low oil prices. Management is now able to boost returns and continue building cash while maintaining production.

Oxy's third-quarter net production increased 5% sequentially to 1,465 mboe/d. Cash operating costs decreased 9% sequentially to $14.28 per boe, while oil and gas capex decreased 14% sequentially to $1.3 billion. It used $1.3 billion of cash to pay down debt, and $400 million to pay out dividends.

Occidental is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment, and it holds a majority equity interest in Western Midstream.

Berkshire Hathaway is officially buying OxyChem, Occidental Petroleum's chemical division, for $9.7 billion in an all-cash transaction.

Occidental is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, the Middle East, and North Africa. It has a consolidated midstream business, which provides gathering, processing, and transport services to the upstream segment, and it holds a majority equity interest in Western Midstream.