Occidental Petroleum upgraded to Buy from Neutral at Citigroup Citigroup upgraded Occidental Petroleum to Buy citing the company's increasing upstream returns and large share buyback program. Citi raised its price target for shares to $111 from $103.
Occidental 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.
Occidental 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.