We Don't Expect Oxy to Close Its CrownRock Acquisition Until the Third Quarter of 2024
Occidental is one of the world's largest independent oil and gas producers. Its upstream operations are spread across the US, 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, a remnant of the 2019 acquisition of Anadarko Petroleum. The portfolio also includes a chemicals business, which produces caustic soda (an industrial alkali) and PVC (a construction material). The latter segment benefits from low energy and ethylene costs, while its profitability is determined by the strength of the broader economy.