Financial Data and Key Metrics Changes - The company generated $2.6 billion in operating cash flow in Q2 2025, which is higher than the same period in 2024 despite lower oil prices, with WTI averaging $11 per barrel lower [4][6] - Adjusted profit was reported at $0.39 per diluted share, while reported profit was $0.26 per share [21] - Free cash flow before working capital was approximately $700 million, driven by strong operational performance [21][22] - The effective tax rate increased due to a shift in the jurisdictional mix of income, with an adjusted effective tax rate expected to be around 32% for Q3 [22] Business Line Data and Key Metrics Changes - Oil and gas production reached 1.4 million BOE per day, exceeding guidance, with notable performance in The Rockies and an uplift from the Mukhaizna contract extension [6][22] - The Midstream and Marketing segment generated positive earnings, outperforming guidance due to improved crude marketing margins and gas marketing optimization [11][26] - OxyChem's pretax income fell below guidance due to weaker pricing for caustic and PVC, leading to a lowered full-year guidance range of $800 million to $900 million [27][28] Market Data and Key Metrics Changes - The company reported a 13% reduction in year-to-date Permian unconventional well costs compared to 2024, driven by enhanced efficiencies [10] - The Gulf of America production was impacted by curtailments and maintenance, but new projects are expected to improve production capacity in the future [54][63] Company Strategy and Development Direction - The company is focused on optimizing its portfolio and has achieved $950 million in additional divestitures since Q1 2025, totaling nearly $4 billion since January 2024 [19][30] - The company is committed to reducing debt, having repaid approximately $7.5 billion in the last 13 months, significantly ahead of its targets [5][31] - The company sees significant potential in carbon capture and enhanced oil recovery (EOR), with a belief that CO2 EOR could recover an additional 50 to 70 billion barrels of oil in the U.S. [16][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of cost reductions achieved through operational efficiencies and structural changes [9][22] - The outlook for the second half of the year remains strong, with expectations for increased production across all main operating areas [24][26] - The company anticipates that the recent legislative changes will provide significant cash tax benefits, estimated at $700 million to $800 million [29][36] Other Important Information - The Stratos project is on track to start capturing CO2 this year, with significant milestones achieved in its development [12][14] - The company has signed additional commercial agreements for carbon dioxide removal sales, indicating a strong market for carbon removal technologies [14] Q&A Session Summary Question: Follow-up on cash tax rate and benefits from the One Big Beautiful Bill - Management confirmed that 35% of the estimated $700 million to $800 million cash tax benefit will be realized in 2025, with the remainder in 2026 [35][36] Question: Free cash implications of the Oman contract - Management highlighted the competitive nature of the Oman contract and its potential for future production increases [38][40] Question: Strategic focus on carbon business and point source opportunities - Management reiterated ongoing interest in point source capture and the potential for industrial sources of CO2 to collaborate [46][47] Question: Production capacity in the Gulf of America - Management discussed the expected ramp-up in production due to water floods and ongoing optimization efforts [54][55] Question: Trajectory of OxyChem income and PVC oversupply - Management indicated that the PVC oversupply is influenced by global market conditions, particularly from China, and does not expect a significant recovery in 2026 [84][85] Question: EOR opportunities and shale EOR viability - Management acknowledged the economic viability of shale EOR with current crude prices and emphasized the need to address CO2 availability constraints [97]

Financial Performance & Debt Reduction - Occidental generated approximately $2.6 billion in operating cash flow before working capital in Q2 2025[6, 11] - The company repaid $7.5 billion of debt over the last 13 months, reducing annual interest expense by ~$410 million[7, 24] - Additional divestitures of approximately $950 million were announced since Q1 2025[7, 11, 24] - Unrestricted cash balance as of June 30, 2025, was $2.3 billion[27] Cost Reduction & Efficiency - $150 million of additional 2025 capital and opex reductions are planned[7, 13] - Cumulative cost reductions of $500 million are expected in 2025, enhancing cash flow[7] - Domestic operating cost reduction drivers are expected to save ~$150 million in 2025[13] - Permian unconventional well costs in 1H25 were 13% lower than the 2024 average[15] Production & Operations - Total company production was 1,400 Mboed in Q2 2025[11, 27] - OxyChem pre-tax income was $213 million in Q2 2025[27] - Midstream adjusted pre-tax income was $116 million in Q2 2025[27]

Core Insights - Acceleware Ltd. is advancing its RF XL technology, introducing RF XL 2.0, aimed at enhancing oil recovery while decarbonizing the process [1][2][4] - The company is seeking funding for a commercial-scale demonstration project to showcase RF XL's capabilities in heavy oil reservoirs, particularly in the Lloydminster area [4][5] Technology Development - RF XL technology utilizes radio frequency heating to improve oil recovery, potentially reducing costs and increasing recovery factors compared to traditional enhanced oil recovery methods [2][7] - The RF XL deployment at Marwayne progressed from Technology Readiness Level (TRL) 4 to TRL 8, with the Clean Tech Inverter (CTI) reaching TRL 9, demonstrating significant advancements in the technology [3][4] Funding and Support - A previously announced non-dilutive grant of $1.31 million was withdrawn due to timing constraints, but the company is pursuing multiple funding opportunities from provincial and federal agencies [4] - Industry support has been confirmed for the new sub-surface energy delivery system, which incorporates several technical advancements over the previous RF XL design [8] Strategic Vision - The CEO of Acceleware emphasized the dual potential of RF XL 2.0 to economically increase oil production while contributing to decarbonization efforts, aligning with Canada's goals as a G7 energy innovator [5] - The company is also focusing on improving efficiency in amine regeneration and has partnered with potash industry leaders to decarbonize critical mineral processing [6]

Core Viewpoint - Pulse Oil Corp. has secured a total of $2,250,000 in loans from related parties to fund its Bigoray Enhanced Oil Recovery (EOR) project, specifically for a solvent injection program [1][2][4]. Loan Details - The loans will be disbursed in two tranches of $1,125,000 each, with an interest rate of 15% per annum, compounded monthly [2]. - The company will make fixed partial interest payments of $10,000 quarterly starting September 30, 2025, with the remaining principal and interest due by June 4, 2027 [2][4]. - An establishment fee of $112,500, which is 5% of the loan amount, will be added to the principal and will also accrue interest at the same rate [4]. Security Agreement - A general security agreement has been established, granting the lenders a security interest in the company's assets until all obligations are fulfilled [3]. Related Party Transaction - The loans are classified as a "related party transaction" under Multilateral Instrument 61-101, with the company relying on an exemption due to its financial difficulties [5]. Project Impact - The funds will be used to purchase solvent for the Bigoray EOR project, with injection expected to commence in Q2 2025 [4][7]. - The CEO highlighted the strategic timing of the funding, as solvent prices are currently low, allowing the company to maximize its cash flow [7]. Company Background - Pulse Oil Corp. holds a 100% working interest in the Bigoray EOR project, which includes two established Nisku pinnacle reef reservoirs that have been producing oil for over 40 years [12]. - The company has implemented a proven recovery methodology (NGL solvent injection) to enhance oil recovery, with a current recovery factor of approximately 30% from the pools [13].

Core Viewpoint - Pulse Oil Corp. has received approval from the TSX Venture Exchange for the reinstatement of its common shares trading, following the revocation of a cease trade order by the British Columbia Securities Commission [1] Financial Position - As of December 31, 2024, the company reported a working capital deficit of $55,880 and is actively seeking funding opportunities to address this deficit [2] - The company anticipates being able to resolve the deficit in the coming weeks and plans to resume injection in the Bigoray Enhanced Oil Recovery Program [2] Operational Updates - CEO Garth Johnson expressed optimism about the resumption of trading and the continuation of the Bigoray Enhanced Oil Recovery program, with updates on funding opportunities and operations expected soon [3] - The company has implemented a proven recovery methodology, NGL solvent injection, to enhance oil recovery from its two established Nisku pinnacle reef reservoirs [8] Project Details - The Bigoray Enhanced Oil Recovery Project has a current recovery factor of approximately 30%, with under 10 million barrels of oil recovered to date [8] - The company's total reclamation liabilities are reported to be $3.1 million, which is considered low compared to many peers in the Western Canadian industry [8] Company Background - Pulse Oil Corp. is a Canadian company focused on a 100% working interest in the Enhanced Oil Recovery Project located in West Central Alberta, Canada, which has been producing sweet light crude oil for over 40 years [7]

Core Viewpoint - Pulse Oil Corp. has had its trading suspended on the TSX Venture Exchange due to a cease trade order issued by the British Columbia Securities Commission, which is expected to be resolved once the company meets its filing requirements [1][2]. Company Overview - Pulse Oil Corp. is a Canadian company focused on a 100% working interest in the Enhanced Oil Recovery (EOR) Project located in West Central Alberta, Canada, which includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years [5]. - The company has implemented a recovery methodology involving NGL solvent injection to enhance oil recovery from these reservoirs, with under 10 million barrels of oil recovered to date, representing approximately 30% recovery factor from the pools [6]. Financial and Operational Status - The company has total reclamation liabilities of $2.96 million, which is considered low compared to many peers in the Western Canadian industry [6]. - The CEO of Pulse Oil Corp. has expressed confidence that the company will complete its annual filings within the next week, which is expected to lead to the revocation of the cease trade order and the resumption of trading [2][3].