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Stock Market & Financial Investment News

News Breaks
April 30, 2013
10:31 EDTOXYOccidental Petroleum edges up after analyst applauds CEO plan
Occidental Petroleum's stock is advancing slightly after the company announced that its current CEO, Steve Chazen, would remain in the position through the end of 2014. WHAT'S NEW: Occidental announced that Chazen would remain in the top spot until the end of 2014. In February, Occidental had said that it was initiating a search for a replacement for Chazen. The company indicated that investors had pushed the company to retain Chazen as CEO for an extended period. Chazen was promoted to CEO from COO in 2010. ANALYST REACTION: In a note to investors, Deutsche Bank analyst Paul Sankey wrote that Occidental's decision was "very positive." Sankey upgraded the stock to Buy from Hold, as he believes that the move clears the way for the company to "shrink to grow," i.e. spin off businesses. Spinning off businesses would facilitate major share buybacks and makes sense in the current high oil price environment, the analyst wrote. Sankey increased his price target on the stock to $112 from $90. TODAY'S PRICE ACTION: In mid-morning trading, Occidental gained 0.6% to $88.40.
News For OXY From The Last 14 Days
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July 30, 2015
10:16 EDTOXYOccidental Petroleum expects to complete 100 horizontal wells in 2H15
10:16 EDTOXYOccidental Petroleum raises FY15 production to 660K-670K boed
The company's previous production guidance was 650K-660K boed. Sees FY15 domestic oil production growth of 8%.
10:14 EDTOXYOccidental Petroleum sees Q3 intl volumes to increase by 10K boed
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10:13 EDTOXYOccidental Petroleum sees Q3 US production from Permian to grow 5% sequentially
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10:11 EDTOXYOccidental 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.
10:10 EDTOXYOccidental Petroleum expects production to grow at 30% annual rate of 30%
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10:09 EDTOXYOccidental 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.
07:19 EDTOXYOccidental Petroleum reports Q2 core EPS 21c, consensus 21c
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