HOUSTON , June 04, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE:OXY) and BHE Renewables, a wholly owned subsidiary of Berkshire Hathaway Energy, today announced they formed a joint venture for the demonstration and deployment of TerraLithium's Direct Lithium Extraction (DLE) and associated technologies to extract and commercially produce high-purity lithium compounds from geothermal brine. TerraLithium, a wholly owned subsidiary of Occidental, has patented DLE technologies that have the potential to process an ...

Warren Buffett may be known for his big positions in Apple and Coca-Cola, but the Oracle of Omaha only added to one existing position during the first quarter -- and it was an energy stock. As shown in the graph above, Occidental Petroleum reported revenue of $5.9 billion during the first quarter of 2024. This represented a 19% decline year over year. Furthermore, net income also dropped from $1.3 billion during the first quarter of 2023 to $888 million this year. Considering the noticeable volatility level ...

Occidental Petroleum (OXY) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term. Over the past month, shares of this oil and gas exploration and production company have returned -6.9%, compared to the Zacks S&P 500 composite's +6.1% change. During this period, the Zacks Oil and Gas - Integrated - United States industry, which Occidental falls in, has lost 5.8%. The key question now is: What ...

The company delivered solid results, despite lower oil and gas prices.Occidental Petroleum's (OXY -2.14%) fortunes largely depend on oil and gas prices. Higher prices boost its profits, while sinking prices weigh on its earnings. The latter was the case in the first quarter. However, the oil company sees several catalysts on the horizon that could boost its earnings in the future. Here's a look at its recent quarter and why it's so optimistic about the future. Drilling down into Occidental Petroleum's first ...

Financial Data and Key Metrics Changes - In Q1 2024, the company generated an adjusted profit of $0.63 per diluted share and a reported profit of $0.75 per diluted share, with the difference primarily due to a litigation settlement gain and gains on sales included in equity income [44] - The company generated over $2.4 billion in operating cash flow before working capital, with free cash flow exceeding $700 million despite third-party outage impacts [22][29] - The company exited Q1 with nearly $1.3 billion of unrestricted cash and anticipates approximately $180 million of annualized incremental cash flow from interest savings through debt repayment [28][27] Business Line Data and Key Metrics Changes - The oil and gas business delivered robust production results, offsetting an extended third-party outage, with production guidance for Q2 expected to increase to 1.23 million to 1.27 million BOE per day [20][30] - The midstream business significantly outperformed guidance, driven by gas marketing optimization and capturing value from regional pricing disparities [25][38] - OxyChem benefited from improved demand for marketed products, including PVC and vinyl, contributing to cash flow diversification [39] Market Data and Key Metrics Changes - The company noted that lower gas prices negatively impacted some areas, but OxyChem benefited from reduced energy costs, positioning the midstream teams to capitalize on gas marketing opportunities [32] - The company anticipates modest price improvements in the chemicals business during Q2, following a strong start in Q1 [32] Company Strategy and Development Direction - The company plans to continue deleveraging through a $4.5 billion to $6 billion divestiture program, with proceeds aimed at reducing principal debt to $15 billion or below [45][46] - The CrownRock acquisition is expected to close in Q3 2024, enhancing the company's production capabilities and cash flow [36][126] - The company is focused on operational excellence and capital efficiency, with plans to optimize well design and reduce costs [24][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets despite challenges, highlighting improvements in operational efficiencies and capital intensity [67][71] - The management team noted that the current inflationary environment and weak demand from China are impacting pricing, but they expect recovery in demand and prices beyond 2024 [77][79] - The company is optimistic about the future, with a focus on expanding resilient cash flow and enhancing shareholder value [42][43] Other Important Information - The company is advancing its first direct air capture plant, STRATOS, and has secured multiple carbon dioxide removal credit agreements [42] - The company is committed to achieving cash flow improvements independent of commodity cycles, with expectations of over $1 billion in cash flow enhancements [41] Q&A Session Summary Question: What is the company's perspective on the market for non-core asset sales? - Management indicated high interest in the divestiture program and is committed to achieving the $4.5 billion to $6 billion target within 18 months of closing [62][88] Question: How does the company view the performance of the midstream business? - Management noted that the midstream business is well-positioned to capture opportunities and has been performing well due to effective gas marketing strategies [72][74] Question: Can you provide insights on the performance of the Delaware and DJ Basins? - Management highlighted strong performance in both basins, with unique approaches to subsurface aspects and stimulation design contributing to improved well performance [58][60] Question: What are the expectations for the CrownRock acquisition? - Management confirmed that the acquisition is on track to close in Q3 2024 and will enhance production capabilities [126] Question: How does the company view the impact of the new production fee in Colorado? - Management believes the fee is manageable and will not overly burden operations, viewing it as a positive step for both the state and the industry [127][128]

$0 $1,000 2024 2025 2026 2027 Incremental FCF ($ MM) ~$325 MM ~$400 MM ~$180 MM ~$240 MM 05.08.24 First Quarter Earnings Conference Call CAUTIONARY STATEMENTS 2 Forward-looking statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental Petroleum Corporation's ("Occidental" or "Oxy") expectations, beliefs, plans or forecasts. Forward-look ...

Occidental Petroleum Corporation (OXY) reported first-quarter 2024 earnings of 65 cents per share, which surpassed the Zacks Consensus Estimate of 56 cents by 16.1%. In the year-ago quarter, the company recorded earnings of $1.09.GAAP earnings was 75 cents compared with $1 in the year-ago quarter.Total RevenuesTotal revenues came in at $6.01 billion, which lagged the Zacks Consensus Estimate of $6.66 billion by 9.8%. The top line declined 17.2% year over year.Segmental DetailsOil and Gas revenues totaled $4 ...

Occidental Petroleum (OXY) came out with quarterly earnings of $0.65 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $1.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 16.07%. A quarter ago, it was expected that this oil and gas exploration and production company would post earnings of $0.74 per share when it actually produced earnings of $0.74, delivering no surprise.Over th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 1-9210 _____________________ OCCIDENTAL PETROLEUM CORPORATION (Exact name of registrant as specified in its charter) De ...

PRESS RELEASE Occidental Announces 1st Quarter 2024 Results HOUSTON — May 7, 2024 — Occidental (NYSE: OXY) today announced net income attributable to common stockholders for the first quarter of 2024 of $718 million, or $0.75 per diluted share, and adjusted income attributable to common stockholders of $604 million, or $0.63 per diluted share. "Operational excellence is fundamental to everything we do at Occidental, and our teams delivered at a high level across all segments during the first quarter of 2024 ...