Occidental Shares Walloped After Huge Capital Spending Increase
Occidental delivered production of 639 thousand barrels of oil equivalent per day in the second quarter, which was 5% higher sequentially and within guidance. The firm’s outlook for full-year production was tightened to 650-664 mboe/d, which was 2 mboe/d higher at the midpoint (7 mboe/d higher for Permian Resources and 5 mboe/d lower for the international segment, due to the production sharing contract impact of shifting crude prices). The uptick in expected overall production was modest in comp...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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