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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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October 23, 2014
10:15 EDTOXYOccidental Petroleum expects to meet 2017 productoin target of 120+ MBoed
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10:14 EDTOXYOccidental Petroleum: Permian Resources production growth of 20% in 2015
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10:12 EDTOXYOccidental Petroleum expects overall capital program to decline in 2015
the decline is due to the absence of California and the completion of multiple long-term projects. Expects a significant decline in spending in the Middle East as it reaps the benefits of some of earlier long-term investments. The majority of capital budgeted for next year will be allocated to domestic oil and gas drilling opportunities. Some of the reduction in program on long-term projects will be allocated to profitable growth opportunities in Permian Resources, Midstream and Chemicals.
10:10 EDTOXYOccidental Petroleum has no intention of acquiring public companies
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10:10 EDTOXYOccidental Petroleum plan to operate Williston/Piceance basins with less capital
The company plans to operate the basins with less capital in order to generate free cash and shift investment toward higher growth and higher operations in Permian Basin. The company continues to make progress in negotiations with partners in Middle East towards a partial monetization. Expects to achieve similar balance in asset mix, with at least 60% of oil and gas production coming from the U.S. Expects to monetize remaining interest in General Partner of Plains All American Pipeline valued at more than $4B. Expects to generate large a mount of cash proceeds from strategic initiatives. The bulk of these proceeds will be used for share repurchases and hope to reinvest in the business through attractive bolt-on property acquisitions in core area of the Permian Basin.
10:07 EDTOXYOccidental Petroleum sees continued Permian oil production growht in Q4
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10:05 EDTOXYOccidental Petroleum received $5B from bond offering completed by Calif Resource
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07:06 EDTOXYOccidental Petroleum reports Q3 core EPS $1.58, consensus $1.57
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October 22, 2014
16:13 EDTOXYCalifornia Resources reports Q3 net income of $188M
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15:37 EDTOXYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Comcast (CMCSA), consensus 71c; Union Pacific (UNP), consensus $1.52; 3M (MMM), consensus $1.96; AbbVie (ABBV), consensus 77c; Celgene (CELG), consensus 95c; Eli Lilly (LLY), consensus 67c; Occidental Petroleum (OXY), consensus $1.57; Caterpillar (CAT), consensus $1.36; Alexion Pharmaceuticals (ALXN), consensus $1.16; Precision Castparts (PCP), consensus $3.32; Raytheon (RTN), consensus $1.60; American Electric Power (AEP), consensus $1.02; Southwest Airlines (LUV), consensus 53c; Lorillard (LO), consensus 90c; T. Rowe Price (TROW), consensus $1.15; Mead Johnson (MJN), consensus 91c; Zimmer Holdings (ZMH), consensus $1.30; Nucor (NUE), consensus 73c; Nielsen (NLSN), consensus 65c; Prologis (PLD), consensus 46c; Sigma-Aldrich (SIAL), consensus $1.06; Under Armour (UA), consensus 40c; EQT (EQT), consensus 56c; Dr Pepper Snapple (DPS), consensus 88c; Cameron International (CAM), consensus $1.10; Coca-Cola Enterprises (CCE), consensus 89c; Quest Diagnostics (DGX), consensus $1.08; CMS Energy (CMS), consensus 41c; Airgas (ARG), consensus $1.29; PulteGroup (PHM), consensus 36c; Diamond Offshore (DO), consensus 79c; Bemis (BMS), consensus 67c.
October 21, 2014
10:00 EDTOXYOn The Fly: Analyst Upgrade Summary
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08:29 EDTOXYOccidental Petroleum upgraded to Accumulate from Neutral at Global Hunter
Global Hunter upgraded Occidental to Accumulate based on favorable risk/reward, balance sheet strength, and ongoing asset monetization catalysts. Price target lowered to $105 from $110 based on based on a lower commodity price outlook.
06:41 EDTOXYOman Oil mulls purchase of Oxy sultanate assets, Reuters says
Oman Oil CEO Isam al-Zadjali said that the company has entered negotiations with Occidental Petroleum to purchase the U.S. company's assets in the Gulf Arab sultanate, but is still waiting to understand the terms of the possible deal, according to Reuters, citing comments from al-Zadjali. Reference Link
October 16, 2014
08:14 EDTOXYInternational E&P price targets lowered at Wells Fargo
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October 15, 2014
10:02 EDTOXYOn The Fly: Analyst Downgrade Summary
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06:39 EDTOXYOccidental Petroleum downgraded to Neutral from Outperform at Credit Suisse
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