Occidental Petroleum Corporation

Occidental Petroleum Corporation managed to exceed analyst expectations regarding revenue as well as earnings, surpassing oil and gas production guidance by 34,000 BOE per day. This success prompted an 11,000 BOE per day increase in the full-year production forecast. The exceptional performance was attributed to strong good outcomes in the DJ and Delaware basins, along with enhanced uptime in the Gulf of Mexico. The Permian and Rockies regions saw cumulative well improvements, driven by a high-quality inventory and the team’s subsurface expertise. Notably, the Delaware operations achieved a significant continuous pumping time of over 88 hours. The commitment of Occidental’s teams to advancements and high performance was evident, with a focus on innovation, such as deploying a natural gas hybrid frac pump in collaboration with Liberty Energy. The midstream business outperformed expectations, benefitting from timely cargo sales amid rising commodity prices. OxyChem, surpassing earnings guidance, played a significant role in portfolio synergy and cash flow generation. The update on subsidiary 1PointFive highlighted progress in the Direct Air Capture (DAC) technology, leveraging chemical and ore recovery expertise. Recent achievements included partnerships with BlackRock and ADNOC, signaling market confidence. The company further entered into a purchase agreement to acquire CrownRock L.P., an oil and gas producer based in Midland.