Oxy is concentrating on low-cost resources from the Permian Basin.
Occidental shares gained 5% after the company reported a terrific first quarter. Production was 6 mboe/d above the high end of guidance at 609 mboe/d, due to efficient turnaround operations in the the Middle East, successful step-out drilling results in Colombia, and most significantly, a dramatic outperformance in the Permian Resources business. Output from the latter is on track to grow 47% during 2018, and should enable the company to achieve its $50/bbl breakeven plan in the third quarter, s...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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