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Stock Market & Financial Investment News

News Breaks
February 14, 2014
07:01 EDTOXYOccidental Petroleum to separate California business
Occidental Petroleum Corporation announced the next phase of its strategic review. The Board of Directors has authorized the separation of Occidental’s California assets into an independent and separately traded company. The new California company will have 8,000 employees and contractors and will establish its headquarters in the state. It will be California’s largest natural gas producer and the state’s largest oil and gas producer on a gross-operated barrels of oil equivalent basis. This new company will be the largest oil and gas mineral acreage holder in the state with approximately 2.3 million net acres, and will have major operations in the state’s high-potential oil and gas basins, including Los Angeles, San Joaquin, Ventura and Sacramento. Last year the California business earned approximately $1.5 billion on a pre-tax basis. Earnings before income, taxes, depreciation and amortization were around $2.6 billion with capital expenditures of approximately $1.7 billion. Due to these strong results, capital expenditures planned for 2014 were increased to $2.1 billion. The company is expected to have a strong and competitive balance sheet with between $4 billion and $5 billion of funded debt. Occidental Petroleum Corporation will be headquartered in Houston, Texas. It will have exploration and production operations in the Permian Basin and other parts of Texas, the Middle East region and Colombia. It will also have a midstream and marketing segment and a chemical subsidiary, OxyChem. Each of these segments is a leader in its respective sector. The company believes that it will be better positioned to continue its strategy of generating growth with strong returns on capital and consistently increasing its dividend. Consistent with Occidental’s strategic review to focus in core businesses, it also plans to reduce its exposure to proprietary trading activities related to crude oil and other commodities.
News For OXY From The Last 14 Days
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December 15, 2014
10:00 EDTOXYOn The Fly: Analyst Upgrade Summary
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08:56 EDTOXYOccidental Petroleum coverage resumed with a Sell at Goldman
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08:49 EDTOXYOccidental Petroleum a compelling opportunity, says Sterne Agee
Sterne Agee notes that Occidental is buying back its own shares and has just raised over $8.5B. The firm thinks the company is likely to raise its dividend further and could accelerate its share repurchases in the near-term. Sterne keeps a $94 price target and Buy rating on the shares.
07:08 EDTOXYOccidental Petroleum upgraded to Buy from Neutral at Sterne Agee
Price target is $94.
December 9, 2014
06:05 EDTOXYStocks with implied volatility movement; LNG OXY
Stocks with implied volatility movement; Cheniere Energy (LNG) 59, Occidental Petroleum (OXY) 33 according to iVolatility.

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