Permian Pipeline Congestion Triggers Midstream Windfall for Oxy
Occidental delivered production of 681 mboe/d in the third quarter, which was 7% higher sequentially and well above the midpoint of prior guidance (665-687 mboe/d). And firmwide financial results were stronger than expected too, with adjusted EBITDA and adjusted EPS coming in at $2.9 billion and $1.77, respectively (beating consensus estimates of $2.7 billion and $1.55). The upside came despite substantially higher unit production costs and weaker realized prices in the U.S. region (due to pipel...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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