Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion

Houston based oil and gas producer Occidental Petroleum reported on Tuesday agreed to pay $1.1 billion for Canadian direct air capture (DAC) supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change. Occidental said it has been working with Carbon Engineering on DAC deployment since 2019. The deal is another from oil majors looking to add to participate in energy transition. In early July Exxon Mobil (XOM) bought Dallas … Continue reading “Occidental Acquires Canadian DAC Technology Firm Carbon Engineering for $1.1 Billion”

Back from the Brink Occidental Petroleum Has Most Profitable Year Ever in 2022

Houston based Occidental Petroleum had its most profitable year ever, with an annual net income of over $12.5bn, almost double its previous record. The company is back from the brink after the Andarko Takeover. Oxy cut debt levels by $10.5bn, or 37 per cent, during the year. For the fourth quarter reported Monday after the close that net income rose to $1.7B, or $1.74/share, from $1.3B, or $1.58/share, in the year-ago quarter, shy of $1.61 analyst estimates. The company announced … Continue reading “Back from the Brink Occidental Petroleum Has Most Profitable Year Ever in 2022”

Occidental Petroleum Books $2.5 billion Profits, Expands Direct Air Capture Project

Houston based Occidental Petroleum reported better than expected third-quarter earnings Tuesday after the close and announced it had paid down debt to less than $19 billion and repurchased a record $1.8 billion in the quarter. Occidental has been benefiting from part to its foothold in the shale-rich Permian Basin of West Texas and New Mexico despite energy prices pulling off their peaks. Billionaire investor Warren Buffett’s Berkshire Hathaway has been boosting his bet on OXY, grew its stake in Occidental to … Continue reading “Occidental Petroleum Books $2.5 billion Profits, Expands Direct Air Capture Project”

Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake

Houston based Occidental Petroleum reported better than expected second-quarter earnings Tuesday and announced it had paid down $4.8 billion in debt and set to return more cash to shareholders. Occidental has been riding the surge in global crude oil prices topping Street forecasts thanks in part to its foothold in the shale-rich Permian Basin of West Texas and New Mexico. Billionaire investor Warren Buffett’s Berkshire Hathaway has been boosting his bet on OXY just as activist Carl Icahn sold the last … Continue reading “Occidental Petroleum Pays Down Debt, Record Chemical Earnings as Warren Buffett Boosts Stake”