Occidental Dials Back 2019 Budget in Light of Lower Crude Prices
The Permian Resources segment is still the main engine for Occidental’s production growth, with fourth-quarter volumes reaching the high end of guidance at 250 mboe/d (11% higher sequentially and 57% higher year over year). But international volumes in the period were slightly lower than expected due to the impact of lower prices on production-sharing contracts in Oman, combined with weather issues in Qatar. Overall, firmwide volumes were consistent with prior guidance at 700 mboe/d (3% higher s...Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
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