Occidental Petroleum Company News
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Shale Drilling Specialist Cuts Staff in Houston
Monday, May 03, 2021A private equity firm that specializes in shale drilling fired 111 people at its Houston headquarters.
Shale Gas Exec Criticizes Vague Climate Pledges
Friday, April 30, 2021An executive at USA shale gas explorer CNX Resource Corp. contends long-term pledges to reduce emissions lack detail and accountability.
Former Shale CEO Looks Beyond $1.15B Renewable Gas SPAC
Wednesday, April 14, 2021The former head of a major U.S. shale driller is eyeing more investments in the energy transition.
Permian Oil Output Reflects Economic Recovery
Tuesday, April 13, 2021The Permian Basin will produce crude oil at levels not seen since the start of the pandemic.
Will Houston Be the Energy Transition Epicenter?
Tuesday, April 13, 2021A pair of veteran Silicon Valley venture capitalists plan to accelerate the end of the fossil-fuel era from an unlikely perch.
Exec Says Carbon Tax Bad for Oil and Gas Industry
Sunday, April 11, 2021Check out some of the most popular articles from the past week among Rigzone's downstream audience.
South Texas LNG Facility Would Support Sequestration
Sunday, April 04, 2021Check out some of Rigzone's most-viewed downstream-related articles from the past week.
Gulf Coast Refineries May Need Weeks to Recover
Sunday, February 28, 2021Here is a look back at some of Rigzone's most popular downstream-related articles from the past week.
Oxy Expects 40% Unused Pipeline Capacity from Permian
Wednesday, February 24, 2021The company's expected 485,000 bpd of Permian oil equivalent production represents just 60% of its committed pipeline capacity.
Oxy Declares Force Majeure
Tuesday, February 16, 2021The second-largest oil producer in the Permian Basin of West Texas and New Mexico told buyers it will be forced to curtail deliveries.
Japanese E&P to Spend Up to $145MM Offshore UAE
Wednesday, February 10, 2021Abu Dhabi awarded Japan's Cosmo Energy Holdings Co. the right to explore for offshore oil and natural gas.
Permian Project Could Herald Rise of US Energy ESG
Monday, February 01, 2021Here is a preview of what to watch this week in oil and gas markets.
Shale CEOs Urge Production Restraint
Thursday, January 07, 2021The new boss of Devon Energy said he won't let this week's rally in oil prices tempt him to return to the days of rampant production growth at any cost.
Oxy CEO Sees More US Upstream Consolidation
Friday, December 04, 2020US upstream producers need to undergo "a lot more consolidation," Occidental Petroleum's Vicki Hollub told IHS Markit.
Petrobras Chief Likens Net Zero to Fad
Wednesday, December 02, 2020His stance more or less echoes ExxonMobil and Chevron's.
Oxy Pivots to Net Zero Path
Wednesday, November 11, 2020Occidental Petroleum Corp. became the first major US oil producer to aim for net zero emissions from everything it extracts and sells.
BP May Be Exploring GOM Oilfield Sale
Thursday, October 22, 2020BP is weighing a sale of its majority stake in the Constellation oilfield in the Gulf of Mexico, according to people familiar with the matter.
Modest Deals Reflect Slide for US Shale
Tuesday, October 20, 2020There is no more dramatic sign of the US shale industry's fall from grace than one of the best in the business being sold off for less than a third of its peak value.
Another Permian Operator Sale May Be Underway
Tuesday, October 20, 2020Pioneer Natural Resources Co. is in talks to buy rival U.S. shale driller Parsley Energy Inc., according to a person familiar with the matter.
ConocoPhillips to Acquire Permian Operator in $9.7B Deal
Monday, October 19, 2020ConocoPhillips agreed to buy Concho Resources Inc. for about $9.7 billion in stock.
$200MM Oxy Cash Payout Suggests Growing Confidence
Monday, September 21, 2020Oxy will pay approximately $200 million in dividends on preferred shares to Berkshire Hathaway in cash rather than common stock.
Oilfield Fraud Lawsuit Ensnares $100MM CEO
Wednesday, September 09, 2020In their lawsuit, investors allege Anadarko executives kept repeating rosy expectations about Shenandoah long enough to profit from them.
Schlumberger Alum Joins McDermott Board
Thursday, August 27, 2020Andrew F. Gould has joined McDermott International's board of directors, effective Aug. 27, 2020.
Berkshire Hathaway Sells Oxy Stake
Monday, August 17, 2020Warren Buffett's Berkshire Hathaway, Inc. had helped fund Occidental's takeover of Anadarko Petroleum Corp.
Hollub Says Algeria Assets Are Off the Market
Tuesday, August 11, 2020Occidental Petroleum CEO Vicki Hollub told analysts the Algerian oil and gas assets are a core holding.
Oxy Books $6.6B Charge for Second Quarter
Monday, August 10, 2020Occidental is struggling with a $40 billion debt burden after its ill-timed purchase of Anadarko Petroleum Corp. last year.
Oxy Restores Cuts to Employee Pay
Monday, August 03, 2020Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year.
$4.5B Asset Sale Would Lighten Oxy Debt Load
Wednesday, July 29, 2020Occidental Petroleum reportedly is in talks about a potential sale of energy assets in Africa and the Middle East to Indonesia's state-owned PT Pertamina.
Chevron's Noble Deal Could Be New M&A Blueprint
Monday, July 20, 2020Chevron Corp. reported Monday that it has struck a definitive agreement to acquire all outstanding shares of Noble Energy, Inc.
Agile but Slow US Shale Recovery Likely
Wednesday, July 01, 2020Firmer oil prices have resulted in companies bringing back some wells they shut over April and May. However, the recovery road could be a long one this time around.
Oil Shock Upends Shale's Newest Powerhouse
Monday, June 22, 2020New Mexico is exhibit A of this boom-to-bust dynamic, with the state's revenue forecasts plunging and over 4,600 workers in mining.
Texas Regulator Eyes Flaring Crackdown
Tuesday, June 16, 2020Texas will look into policies to "drastically reduce" natural gas flaring as investors become increasingly sensitive to climate change concerns.
Occidental Eyes Mideast Assets in Play to Slash Debt
Tuesday, June 09, 2020Occidental is considering reducing its stakes in oil and natural gas fields in Oman.
Oxy Faces Investor Lawsuit Over Anadarko Acquisition
Friday, May 29, 2020Investors claim they lost billions when Oxy overleveraged itself after its Anadarko acquisition.
Total Ditches Ghana Oil Deal With Occidental
Monday, May 18, 2020Losing the sale is a setback for Oxy, which had earmarked the proceeds to reduce debt after buying Anadarko for $37B last year.
Oxy Seeks Federal Lifeline For US Oil Industry
Thursday, April 09, 2020Employees are being urged to send a pre-written wish list to Congress members.
Oxy Shuffles Leadership, Appoints New CFO
Wednesday, April 08, 2020While the company did not name reasons for the management change, it did note that Cedric Burgher will transition to another Oxy role.
Oxy Elects Stephen Chazen to Board as Chairman
Wednesday, March 25, 2020Chazen has more than 30 years of oil and gas experience, and he was CEO of Oxy from 2011 to 2016.
Texas Layoffs Adding Up
Friday, March 20, 2020Tens of thousands of Texans are being laid off, says state oil and gas regulator.
Icahn Anticipates Strong Bids to Emerge for Oxy on Oil Rebound
Thursday, March 12, 2020Activist investor Carl Icahn expects oil prices will rebound in the near to medium term and that "strong bids" will emerge for Oxy.
Occidental Confirms Dividend and Capex Cuts
Wednesday, March 11, 2020The large shale producer is cutting its quarterly dividend by 86 percent and capex by approximately one-third.
Occidental to Slash Spending After Oil Crash
Monday, March 09, 2020Shares of Occidental dropped as much as 48 percent Monday amid a broad market sell-off.
Crestwood Starts Commercial Ops at Bucking Horse
Thursday, March 05, 2020The company has also teamed up with Oxy to provide wellhead services for its 2020 delineation program in the Powder River Basin.
Occidental's Anadarko Buy Yields 2019 Loss
Monday, March 02, 2020The company took a hit of $965 million in 2019, versus $4.1 billion in profit the year before.
Investors Tightening the Screws on Oil, Gas Acquisitions
Monday, February 17, 2020M&A activity in oil and gas has almost ground to a halt after a flurry of deals last autumn.
Oxy to Cut $7.8B Debt With Pipeline Split
Monday, January 06, 2020Occidental plans to make the pipeline business it acquired as part of last year's takeover of Anadarko a stand-alone company, removing about $7.8 billion of debt from its balance sheet.
Oxy Elects Former Schlumberger CEO to Board
Thursday, January 02, 2020Occidental Petroleum Corporation announced the election of former Schlumberger Ltd. CEO Andrew Gould to its board of directors.
Oxy Forms Permian JV with Ecopetrol
Wednesday, November 13, 2019Occidental has closed its previously announced Permian Basin joint venture with Colombia-based Ecopetrol S.A.
Oxy to Sell Permian Campus After Anadarko Acquisition
Monday, November 11, 2019Occidental plans to sell a four-story office building in the heart of the Permian Basin and move employees into a nearby one owned by Anadarko.
Icahn to Plan Proxy Fight at Occidental
Friday, November 08, 2019Carl Icahn plans to launch a proxy fight at Occidental following cuts to the company's budget that may put its dividend at risk because of debt incurred in its $37 billion takeover of Anadarko.