此次仪式包括与本地和国际公司签署14项天然气销售协议，总价值超过34亿阿曼里亚尔，以及超过20亿 阿曼里亚尔的新投资。此外，仪式还包括与两家主要生产商签署的三项天然气购买协议：西方石油公司 （Occidental Oman，涉及62号和65号特许经营区）和阿曼能源开发公司（Energy Development Oman， 涉及6号特许经营区）。同时，仪式还与OQ集团旗下公司和项目签署了两份谅解备忘录，其中包括杜库 姆石化综合体和OQ替代能源项目。这些协议涵盖了与来自印度、中国、美国、法国和科威特的投资者 的广泛合作。 阿曼《观点报》11月2日报道，阿曼综合天然气公司与国内外企业签署了19项战略性天然气协议和谅解 备忘录。与来自印度、中国、美国、法国和科威特的投资者建立了广泛的合作关系。 ...

Core Insights - The article discusses the analysis of oil and gas companies, particularly focusing on Occidental Petroleum and similar firms, highlighting the search for undervalued entities in the sector [1] - It emphasizes the cyclical nature of the oil and gas industry, which requires patience and experience for successful investment [2] Company Analysis - The service provided includes a comprehensive breakdown of companies' balance sheets, competitive positions, and development prospects [1] - The focus is on under-followed oil companies and out-of-favor midstream companies that present compelling investment opportunities [2] Community Engagement - The investing group offers an active chat room for investors to discuss recent information and share ideas related to oil and gas investments [2]

Core Viewpoint - Occidental Petroleum anticipates flat production growth in 2026 and a decrease in spending below current-year levels due to declining crude prices [1] Company Summary - Occidental Petroleum projects no growth in production for 2026 [1] - The company expects its spending to fall below the levels of the current year [1] - The anticipated changes are attributed to a slide in crude prices [1]

Core Insights - Occidental Petroleum Corp. reported mixed third-quarter results, with earnings exceeding analyst expectations but revenue slightly below forecasts [1] Financial Performance - Non-GAAP earnings were $0.64 per share, matching analyst estimates [1] - Revenue totaled $6.72 billion, just below projections of $6.76 billion [1] Production and Pricing - Higher crude oil volumes and prices supported earnings compared to the previous quarter [2] - The average realized worldwide crude oil price increased by 2% sequentially to $64.78 per barrel [2] - Average natural gas liquids prices declined by 5%, while domestic natural gas prices rose by 11% [2] Operational Efficiency - Total global production averaged 1.465 million barrels of oil equivalent per day (Mboed), up from 1.412 Mboed in the same period last year [3] - The company benefited from improved efficiency across its operations amid steady commodity market conditions [3]

Financial Data and Key Metrics Changes - The company reported a profit of $0.65 per diluted share for Q3 2025, generating approximately $1.5 billion in free cash flow before working capital adjustments [22][24] - Operating cash flow reached $3.2 billion, exceeding last year's Q3 performance despite lower WTI prices [8][22] - The principal debt balance was reduced to $20.8 billion after repaying $1.3 billion of debt in the quarter, with a total year-to-date repayment of $3.6 billion [22][28] Business Line Data and Key Metrics Changes - The oil and gas business produced approximately 1.47 million barrels of oil equivalent (BOE) per day, exceeding guidance, with the Permian Basin contributing 800,000 BOE per day, marking the highest quarterly production in Oxy's history [9][22] - The midstream and marketing segment generated positive adjusted earnings of $153 million, surpassing guidance due to strategic gas marketing and higher sulfur prices [23][24] Market Data and Key Metrics Changes - The company shifted its oil and gas production from 50% domestic to 83% domestic, reducing geopolitical risk [5] - The ongoing improvement in portfolio and operational performance was highlighted, with the lowest quarterly lease operating expense per barrel since 2021 at $8.11 per BOE [8][23] Company Strategy and Development Direction - The sale of OxyChem is a pivotal step in the company's transformation, aimed at strengthening the balance sheet and enhancing shareholder returns [4][7] - The company plans to focus capital on Permian unconventional assets and Gulf of Mexico water floods, with an emphasis on low-decline enhanced oil recovery projects [7][30] - The company is targeting a $55-$60 WTI plan for 2026, with flexibility to adapt to market conditions while improving cost efficiency [21][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing market conditions and emphasized a disciplined approach to capital allocation [20][21] - The company aims to maintain a strong balance sheet with a cash reserve of $3 billion to $4 billion while being opportunistic in share repurchases [54][57] - Management highlighted the importance of operational efficiency and cost management to sustain free cash flow even in challenging oil price environments [20][62] Other Important Information - The company has a development runway of over 30 years, focusing on high-return, short-cycle, and lower decline assets [5][7] - The OxyChem transaction is expected to lower annual interest expenses by more than $350 million and improve credit metrics significantly [28] Q&A Session Summary Question: Capital spending outlook for next year - Management indicated that capital spending for next year could be between $6.3 billion and $6.7 billion, with a larger proportion allocated to U.S. onshore projects for flexibility [34][35] Question: Resource and drilling backlog - Management emphasized the importance of resource characterization over drilling inventory, highlighting advancements in unconventional shale improvements [37][38] Question: CO2 injection applicability on older wells - Management confirmed that CO2 injection techniques can be applied to both older and more recent wells, with significant potential for production uplift [41][42] Question: Return of capital strategy - Management stated that debt reduction will be prioritized before opportunistically repurchasing shares, maintaining a flexible approach to capital allocation [54][57] Question: Exploration focus in the coming years - Management indicated that exploration will remain a lower priority as the company focuses on optimizing existing resources and enhancing recovery techniques [59][60]

Financial Data and Key Metrics Changes - The company reported a profit of $0.65 per diluted share for the third quarter, generating approximately $1.5 billion in free cash flow before working capital adjustments [22][24] - Operating cash flow reached $3.2 billion, exceeding last year's third quarter despite lower WTI prices [8][22] - The principal debt balance was reduced to $20.8 billion after repaying $1.3 billion of debt in the quarter, with a total year-to-date repayment of $3.6 billion [22][28] Business Line Data and Key Metrics Changes - The oil and gas business produced approximately 1.47 million barrels of oil equivalent (BOE) per day, exceeding guidance, with the Permian Basin contributing 800,000 BOE per day, the highest quarterly production in Oxy's history [9][22] - The midstream and marketing segment generated positive adjusted earnings of $153 million, surpassing guidance due to strategic gas marketing and higher sulfur prices [23][24] Market Data and Key Metrics Changes - The company shifted its oil and gas production from 50% domestic to 83% domestic, reducing geopolitical risk [5] - The Gulf of America assets outperformed guidance, benefiting from favorable weather and achieving the highest uptime in operating history [9][23] Company Strategy and Development Direction - The sale of OxyChem is a pivotal step in the company's transformation, aimed at strengthening the balance sheet and enhancing shareholder returns [4][7] - The company plans to focus capital on Permian unconventional assets and enhance oil recovery projects, particularly CO2 EOR projects [7][18] - The company is targeting a $55-$60 WTI plan for 2026, with flexibility to adapt to market conditions [21][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate free cash flow even in challenging oil price environments, emphasizing operational and cost efficiency [20][21] - The company highlighted a strong portfolio of short-cycle, high-return, and mid-cycle low-decline assets that can deliver strong cash flow [21][67] Other Important Information - The company achieved $2 billion in annualized cost savings across U.S. onshore operations since 2023, driven by operational improvements [12] - The company plans to reallocate up to $400 million to short-cycle high-return projects, primarily in the Permian, while maintaining flexibility in capital allocation [30] Q&A Session Summary Question: Can you clarify the capital spending outlook for next year? - The company expects capital spending to be between $6.3 billion and $6.7 billion, with increased investment in U.S. onshore projects [34][35] Question: What is the status of the Permian resource and drilling inventory? - The company has added $2.5 billion in resources in the Permian, with a focus on unconventional shale improvements and a break-even for annual projects expected to remain below $40 [37][39] Question: Can you provide details on the CO2 injection pilot project? - The pilot project demonstrated a 45% uplift in production, with potential for further increases through continued CO2 injection cycles [42][44] Question: How will the company manage legacy liabilities post-OxyChem sale? - The company indicated that legacy liabilities are minimal and manageable, with annual costs around $20 million [55][56] Question: What are the plans for share repurchases following the OxyChem sale? - The company plans to prioritize debt reduction before considering opportunistic share repurchases, maintaining a cash balance of $3 billion to $4 billion [54][57]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a profit of $0.65 per diluted share, generating approximately $1.5 billion in free cash flow before working capital adjustments [21][22] - Operating cash flow reached $3.2 billion, exceeding last year's Q3 performance despite lower WTI prices [7][21] - The company repaid $1.3 billion of debt in the quarter, reducing the total principal debt balance to $20.8 billion [22][27] Business Line Data and Key Metrics Changes - The oil and gas business produced approximately 1.47 million barrels of oil equivalent (BOE) per day, exceeding guidance, with the Permian Basin contributing 800,000 BOE per day, marking the highest quarterly production in Oxy's history [9][23] - The midstream and marketing segment generated positive adjusted earnings of $153 million, surpassing guidance due to strategic gas marketing [23][24] Market Data and Key Metrics Changes - The company shifted its oil and gas production from 50% domestic to 83% domestic, reducing geopolitical risk [5] - The Gulf of Mexico assets achieved the highest uptime in operating history, benefiting from favorable weather conditions [9] Company Strategy and Development Direction - The sale of OxyChem is a pivotal step in the company's transformation, aimed at strengthening the balance sheet and enhancing shareholder returns [4][6] - The company plans to focus capital on Permian unconventional assets and Gulf of Mexico water floods, with an emphasis on low-decline enhanced oil recovery projects [6][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate changing market conditions with a focus on operational efficiency and cost management [19][20] - The company is targeting a $55-$60 WTI plan for 2026, with flexibility to adapt to market conditions while maintaining operational performance [20][21] Other Important Information - The company has a development runway of over 30 years, with a focus on high-return, short-cycle assets [5] - The OxyChem transaction is expected to lower annual interest expenses by more than $350 million and improve credit metrics [27] Q&A Session Summary Question: Can you clarify the capital spending outlook for next year? - Management indicated that capital spending could range between $6.3 billion and $6.7 billion, with increased investment in Gulf of Mexico water flood projects and Oman [33][34] Question: What is the sustaining capital break-even for the portfolio? - Management stated that annual program break-evens are all less than $40, with ongoing improvements in resource expansion and cost efficiency [38][40] Question: How will the water flood projects impact productive capacity in the Gulf of Mexico? - The water flood projects are expected to improve recoveries by nearly 150 million BOE and significantly reduce decline rates over time [46][47] Question: What are the plans for share repurchases and addressing legacy liabilities? - Management plans to prioritize debt reduction before opportunistically repurchasing shares, with legacy liabilities having minimal impact on operations [55][56]

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Core Viewpoint - Occidental Petroleum Corp. reported a strong fiscal third-quarter 2025 earnings performance, exceeding market expectations for both adjusted EPS and sales, leading to a rise in share price [1][6]. Earnings Snapshot - The company reported adjusted EPS of 64 cents, surpassing the street view of 52 cents, and sales of $6.72 billion, slightly above the consensus of $6.68 billion [2]. - Total average global production reached 1,465 thousand barrels of oil equivalent per day (Mboed), exceeding the upper end of guidance [2]. - Average production in the Permian basin was 800 Mboed during the quarter [3]. - For the fourth quarter, total production is projected to be between 1,440-1,480 Mboed, with Permian production expected to be between 795-815 Mboed [3]. Analyst Views - JP Morgan's analyst Arun Jayaram noted that management is reallocating capital expenditures towards high-return Gulf of America water floods, Enhanced Oil Recovery (EOR) projects, and low-cost Permian Basin acreage [4]. - Jayaram highlighted that third-quarter production volume was 1.6% above JP Morgan estimates, driven by stronger Rockies well performance and higher Permian base production [4]. - The company lowered U.S. operating expense guidance by $20 million, with year-to-date well costs down 14% in the Permian and 12% in the Rockies [5]. - OXY raised its resource estimate by 18% to 16.5 billion barrels of oil equivalent (BBoe), reflecting upside from EOR, secondary benches, and expanded Barnett acreage [5]. - Goldman Sachs analyst Neil Mehta stated that Occidental Petroleum's adjusted EPS exceeded their estimate of 50 cents, with production slightly above forecasts [6].

THIRD QUARTER EARNINGS CALL NOVEMBER 11, 2025 OXY Cautionary statements Forward-Looking Statements This presentation contains "forward"-doking datements" withint temaning of the "safe factor" frouslisones of the Private Securities Libradition subt od initied to statemen (Ocodential ar Cav ) excectations, belefo; stars or for or of obsings statements in oly e estimates, expectains, probections, probections, robas and unertrianties. Actual seults, screetines materially: Forward-trading and dther strements reg ...