Occidental Plans for 5%-8% Annual Growth in $50 WTI Environment
Occidental Petroleum delivered firmwide production of 584 thousand barrels of oil equivalent per day in the first quarter, which was 4% lower sequentially and 11% lower year over year. This was below previous guidance of 590-595 mboe/d primarily due to insurgency-related pipeline outages in Colombia (which also marred third-quarter results last year). However, output from the Permian Resources business was up 5% quarter over quarter at 129 mboe/d, within guidance of 127-132 mboe/d. The first-qua...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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