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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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February 4, 2016
10:50 EDTOXYOccidental Petroleum: No plan to raise shale portion of output above 20%
Says ready to borrow to cover dividends.
10:32 EDTOXYOccidental expects to receive remainder of $900M settlement from Ecuador in FY16
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10:16 EDTOXYOccidental sees gradual recovery in energy prices in FY16
Sees gradual recovery in energy prices in FY16. Says has been able to realign business to focus on core areas amid energy price plunge. Says majority of spending to be allocated to domestic Oil and Gas business. Says decline in core assets attributable almost entirely to energy prices. Comments taken from Q4 earnings conference call.
10:06 EDTOXYOccidental sees FY16 total production from core assets 570,000-585,000 BOED
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10:03 EDTOXYOccidental Petroleum sees Q1 total production 620,000-630,000 BOED
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10:02 EDTOXYOccidental sees FY16 capital budget down 50% year over year
Sees 50% decline in FY16 capital budget year over year. Says 2016 plan approximates expected cash from operations at around current prices. Says will carefully reduce activity levels without harming the strong progress on growth prospects. Says capital spending will continue to decline and cash flows and earnings are expected to grow as projects start-up. Says plan will bring increased flexibility on capital budget in 2016 and 2017. Sees FY16 oil and gas capital budget down 55%. Sees FY16 chemicals and midstream capital budget down 17%. Says overall spending levels in the Permian will decline. Says spending levels in MENA will decline by about 56% mostly from the Al Hosn gas project and the exit from several countries. Says OxyChem is expected to be free cash flow positive through construction of the Ingleside Ethylene joint venture. Says U.S. Midstream in FY16 will decline by about $100M from 2015 levels. Comments taken from slides to be presented on Q4 earnings conference call. Occidental shares gained 2.52% to $69.85.
07:11 EDTOXYOccidental sees 2016 production growth of 2%-4% from ongoing operations
2016 capital program is expected to be no more than $3B with production growth of 2%-4% from ongoing operations, Occidental Petroleum said.
07:10 EDTOXYOccidental Petroleum reports Q4 core EPS (17c), consensus (12c)
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February 3, 2016
14:48 EDTOXYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's open, with earnings consensus, include Philip Morris (PM), consensus 81c... AstraZeneca (AZN), consensus 88c... Occidental Petroleum (OXY), consensus (12c)... ConocoPhillips (COP), consensus (65c)... Cigna (CI), consensus $1.80... Intercontinental Exchange (ICE), consensus $3.01... Boston Scientific (BSX), consensus 25c... Charter Communications (CHTR), consensus (12c)... Ralph Lauren (RL), consensus $2.13... Dunkin' Brands (DNKN), consensus 50c... GrubHub (GRUB), consensus 14c... Level 3 (LVLT), consensus 53c... AmerisourceBergen (ABC), consensus $1.25... Cummins (CMI), consensus $2.11.
January 28, 2016
14:05 EDTOXYJPMorgan reports 5.0% passive stake in Occidental Petroleum
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