Occidental Hits High End of Third-Quarter Production Guidance and Announces Permian Acquisitions
Occidental reported third-quarter production of 605 thousand barrels of oil equivalent per day, which was at the high end of its 600-605 mboe/d guidance. Supported by higher volumes from the Middle East, the international portion of the business grew its output by 4 mboe/d sequentially (after accounting for pipeline disruptions in Colombia). But the domestic business declined by 8 mboe/d, primarily as a result of lower unconventional drilling in the Permian Basin. Management plans to accelerate ...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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