Occidental's Permian Resources Business Will Be Its Main Growth Driver
WTI crude plunged 8% on Nov. 12, extending a rout that has wiped off 28% of the benchmark’s value in about six weeks. Front-month futures ended the day at $55/bbl, aligning with our midcycle forecast for the first time since October 2017. The slump has weighed heavily on upstream equities, pushing the stocks of narrow-moat rated industry cost leaders like Diamondback Energy, Pioneer Natural Resources, and Continental Resources into 4-star territory. Among integrated firms, narrow-moat rated Roya...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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