Our Bearish Oil Outlook Translates to Slower Long-Term Growth for Oxy - Reducing FVE
We previously commented that the steep increase in Oxy's 2018 capital budget, announced with the firm's second-quarter earnings, made more sense than the market was willing to give credit for (shares slumped 4% after the hike was announced). The firm now plans to spend an incremental $1.1 billion this year, mainly in the Permian Resources segment, bringing the firmwide budget to $5 billion. Management believes the uptick is justified given that the firm will generate an additional $5 billion in ...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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