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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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August 14, 2014
16:01 EDTOXYOptions Update; August 14, 2014
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August 9, 2014
15:25 EDTOXYBridgeTex Pipeline extends open season to August 14
Magellan Midstream Partners (MMP) and Occidental Petroleum Corporation (OXY) announced that BridgeTex Pipeline has extended its supplemental open season for additional transportation commitments on the pipeline. Binding commitments are now due by 5:00 p.m. Central Time on August 14. Construction of the BridgeTex Pipeline commenced in November 2012 following an initial successful open season in which BridgeTex secured long-term transportation commitments supporting the project.The BridgeTex Pipeline is now in the final stages of construction and will be capable of transporting up to 300,000 barrels per day of Permian Basin crude oil from Colorado City, Texas to the Houston Gulf Coast Area.

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