Occidental Petroleum Corporation: Battleground Plant Expansion

In the first quarter 2024 earnings, Occidental (OXY) management displayed confidence in their operational execution and diversified asset portfolio. OXY reported a strong start to 2024, overcoming a challenging third[1]party outage in the Eastern Gulf of Mexico and exceeding the midpoint of their production guidance. The revenue was driven primarily by robust production results in their oil and gas business and outperformance in their Midstream and OxyChem businesses. Factors contributing to their strong start included superior new well performance in the Permian Basin and Rockies and advancements in operational efficiencies. Furthermore, OXY’s Delaware team achieved impressive performance results by applying the same proprietary subsurface workflows used in their primary benches to secondary benches.