Occidental Petroleum Corporation: Will The CrownRock Acquisition Be A Game Changer?

Occidental Petroleum Corporation exhibited strong execution and financial health in its Second Quarter 2024 earnings, marking numerous operational and strategic accomplishments that further consolidate its market position. The company reported its highest quarterly production in four years, both for total company and U.S. onshore operations, significantly surpassing production guidance with a generation of $1.3 billion in free cash flow before working capital adjustments. This performance was mainly driven by remarkable execution across business segments, particularly in the Permian region, including new well performances and production uptime, as well as a robust showing in the Gulf of Mexico.