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Hilcorp, Exxon and Conoco top greenhouse gas emitters, environmental groups say
July 16, 2022
Source: Mint

Hilcorp, Exxon and Conoco top greenhouse gas emitters, environmental groups say

Hilcorp Energy Co., Exxon Mobil Corp., ConocoPhillips and Occidental Petroleum Corp., are the U.S. oil-and-gas industry’s top emitters of planet-warming greenhouse gases, according to a new report based on federal data.

Clean crude? Oil firms use offsets to claim green barrels
April 17, 2021
Source: Energyworld

Clean crude? Oil firms use offsets to claim green barrels

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.

Oxy’s Permian output slump drives millions in midstream losses
Feb. 25, 2021
Source: world oil

Oxy’s Permian output slump drives millions in midstream losses

The decline in Occidental Petroleum Corp.’s oil production in Permian Basin has left company with so much unused capacity on pipelines to the Gulf Coast that the problem will drive a midstream loss of as much as $750million this year. Occidental said Tuesday that total Permian production is expected to be about 485,000barrels of oil equivalent a day this year, well short of the 800,000barrels of pipeline space it’s committed to.

Oxy teams with Macquarie to deliver world’s first carbon-neutral oil from Permian basin to India
Feb. 2, 2021
Source: World oil

Oxy teams with Macquarie to deliver world’s first carbon-neutral oil from Permian basin to India

Occidental announced the delivery of two million barrels of carbon-neutral oil to Reliance Industries in India. This transaction, which was arranged in conjunction with Macquarie Group’s Commodities and Global Markets group (Macquarie), is energy industry’s first major petroleum shipment for which greenhouse gas (GHG) emissions associated with entire crude lifecycle, well head through combustion of end products, have been offset.

Occidental to sell some assets to Orion Mine Finance
Aug. 21, 2020

Occidental to sell some assets to Orion Mine Finance

Occidental Petroleum (Oxy) has signed a purchase and sale agreement with Orion Mine Finance for $1.33bn, the transaction is expected to be closed in the fourth quarter of this year. Assets under the sale are located in Wyoming, Colorado and Utah. The company will retain its core assets in the Rockies, including Colorado’s DJ Basin and Wyoming’s Powder River Basin.

Berkshire Hathaway sells its Occidental Petroleum stocks
Aug. 17, 2020
Source: World Oil

Berkshire Hathaway sells its Occidental Petroleum stocks

Berkshire Hathaway Inc. sold its Occidental Petroleum Corp. common equity in the second quarter, due to its performance during the pandemic which highly affected the industry. Berkshire had built up the stake in addition to its $10 billion investment in preferred shares last year, which helped fund Occidental’s ill-fated takeover of Anadarko Petroleum Corp. Occidental tumbled 64% this year, making it the worst performer in the S&P 500 Energy Index.

Occidental posts $8 billion loss in Q2
Aug. 11, 2020
Source: Reuters

Occidental posts $8 billion loss in Q2

Occidental Petroleum Corp on Monday posted a $8.35 billion second-quarter. Its net loss was $8.35 billion, or $9.12 per share, in the quarter, compared with earnings of $635 million, or 84 cents per share, a year earlier. Its oil and gas production will fall 13% this quarter over last, and another 5% in the fourth quarter, to 1.16 million barrels of oil and gas per day.

Total backs out of buying Occidental's assets
May 19, 2020
Source: Reuters

Total backs out of buying Occidental's assets

Total will no longer pursue the acquisition of Occidental’s assets in Ghana, following a snag in the sale of assets in Algeria. When Occidental Petroleum completed one of the largest oil mergers and acquisitions of the past few years, buying Anadarko Petroleum and assuming its debt in a transaction valued at a total of US$55 billion, Occidental had signed a binding agreement to sell Anadarko’s assets.

Occidental offers job buyouts, due to spending cuts
May 13, 2020

Occidental offers job buyouts, due to spending cuts

Enticed by the shale boom in the States, Occidental Petroleum had controversially acquired Anadarko Petroleum last year for a whooping $38 billion. This purchase proved to be ill-timed and has forced the company to deal with impending debts. Owing to a $2 billion quarterly loss, Occidental has decided to offer voluntary buyouts to its employees, citing in order to slash capital expenditure.

Occidental posts $2.23 billion in loss for 1Q20
May 6, 2020
Source: Reuters

Occidental posts $2.23 billion in loss for 1Q20

E&P major, Occidental Petroleum yesterday reported a first-quarter loss on writedowns and charges, as it reduced its budget for the third time since March owing to demand destruction. Occidental slipped to a net loss of $2.23 billion for the first quarter, compared with a profit of $631 million last year. Chief Executive Officer Vicki Hollub said that Occidental is “taking aggressive action to ensure our long-term financial stability”.

Occidental denies market support, seeks financial aid
April 10, 2020
Source: World Oil

Occidental denies market support, seeks financial aid

Occidental has asked for financial help from the US government for the oil industry. The employees have been asked to send a pre-written wish list to Congress members to emphasis upon the importance and urgency of the matter. The company wants the government to "provide liquidity to the energy industry through this period of unprecedented demand destruction and unsustainable pricing until normal economic conditions return”.

Total-Occidental deal on hold due to $500m tax claim
March 3, 2020
Source: World Oil

Total-Occidental deal on hold due to $500m tax claim

Total's acquisition of Occidental Petroleum Corp’s​​​​​ assets in Ghana are being held up due to capital gains tax claim for about $500 million. Occidental is trying to get regulatory clearance for this deal and tax bill is an issue yet to be resolved. Selling Total its assets is a part of Occidental's plan to sell out at least $15 billion of assets by mid-2020.

Occidental lays off ‘significant’ workforce
Jan. 9, 2020
Source: Reuters

Occidental lays off ‘significant’ workforce

Occidental Petroleum on Wednesday informed about ‘significantly’ reducing its workforce, after buying out its rival Anadarko Petroleum last year. Layoffs are currently underway across the company, after staff was cut through a voluntary program, spokeswoman Melissa Schoeb said. She added, “Occidental’s integration team identified the jobs we need to successfully and safely operate our business and achieve our synergy goals,”.

Occidental reports third quarter earnings
Nov. 6, 2019
Source: The Fool

Occidental reports third quarter earnings

Occidental Petroleum yesterday reported $93 million in adjusted net income, disappointing the consensus estimate. The oil major, who recently acquired Anadarko, steered clear of the immediate impact of the acquisition move. Occidental's production in the quarter reached 1.155 million barrels of oil equivalent per day (BOE/D), up 70% from the corresponding quarter last year.

Occidental concludes Anadarko’s acquisition
Aug. 9, 2019
Source: World Oil

Occidental concludes Anadarko’s acquisition

Occidental Petroleum yesterday concluded the $55 billion-acquisition of Anadarko Petroleum, with the assumption of Anadarko’s debt. Vicki Hollub, President and CEO at Occidental said, “With Anadarko’s world-class asset portfolio now officially part of Occidental, we begin our work to integrate our two companies and unlock the significant value of this combination for shareholders”.

Occidental Petroleum reports lower profits in second quarter
Aug. 1, 2019
Source: Reuters

Occidental Petroleum reports lower profits in second quarter

Occidental Petroleum Corp saw a 14% dip in core profit for the second quarter. Occidental, which recently acquired Anadarko in a $38 billion deal, reported $729 million in core income for the second quarter, dropping from $848 million in the corresponding quarter last year. Lower income for Occidental has been attributed to the offset of higher oil prices by adjustments to derivatives contracts and poorer natural gas prices.

Algeria creating roadblocks for Total
May 27, 2019

Algeria creating roadblocks for Total

Energy Minister of Algeria has informed that Algeria will block Total's acquisition of Anadarko's assets. He said, "Our ministry has contacted Anadarko to get explanations on this information, but so far we got no answer. It means there is no contract between Total and Anadarko." It was decided that if Occidental successfully takes over Anadarko, it will sell some of Anadarko's assets to Total for $8.8 billion.

Chevron draws back from Anadarko takeover battle
May 10, 2019
Source: Reuters

Chevron draws back from Anadarko takeover battle

In a major turn of events, supermajor Chevron pulled back from the takeover battle for Anadarko, yesterday. Occidental, which received $10 billion in financial assistance from Berkshire Hathaway, has emerged victorious in one of the largest takeover contests in the oil and gas industry. Chevron received a $1 billion breakup fee from Occidental Petroleum, to be utilized in a $5 billion share repurchase program.

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