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]