Occidental sees reducing cash operating cost by $300M in 2013 Earlier today in a regulatory filing with a slides presentation prepared for The Goldman Sachs Global Energy Conference, the company said it expects to achieve $300M in reductions to costs and as much as $450M in actual savings in 2013 compared to 2012.
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.