Occidental Petroleum downgraded to Hold from Buy at Deutsche Bank Deutsche Bank downgraded Occidental Petroleum citing valuation, the company's rising capex, and weaker than expected U.S. volumes. The firm lowered its price target for shares to $80 from $95.
Occidental Petroleum expects to exit 2015 with spending rate of $1B-$1.2B If prices remain at current levels, 2016 capital will be less than both 2015 full year and Q4 run rate. Expects that going forward, operating cash flow will cover CapEx and dividend payments, assuming $60 per barrel oil price realizations.
Occidental Petroleum reports $450M of captured cost savings year-to-date The capital savings was re-deployed into additional activity in Permian Basin. Comments taken from slides for Q2 earnings conference call.