Raising Occidental Petroleum's FVE to Reflect Stronger-Than-Expected Permian Well Productivity
We are raising our fair value estimate for Occidental Petroleum to $63 per share after incorporating the firm's very strong third-quarter well performance in the Permian Basin. Management highlighted seven huge third-quarter completions in the Greater Sand Dunes area (New Mexico), which came on line with an average 30-day initial production rate of 3,750 boe/d (more than double what we previously modeled). These wells were spread among the second and third Bone Spring and Wolfcamp XY zones, unde...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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