Overview
- Occidental says its Ector County, Texas, direct air capture facility is expected to begin operating within weeks and is designed to remove up to 500,000 metric tons of CO2 per year.
- Q3 production reached 1.47 million barrels of oil equivalent per day, powered by a record 800,000 BOE per day from the Permian and improved Gulf of America uptime.
- The company generated $3.2 billion in operating cash flow and $1.5 billion in free cash flow, returned $2.2 billion to shareholders, and repaid $1.3 billion of debt in the quarter.
- Occidental expanded its Permian resource base by 2.5 billion BOE, which now accounts for roughly 70% of total resources.
- Susquehanna reiterated a Buy rating and raised its price target to $55 after the earnings beat, while OxyChem fell short of pre-tax guidance due to chlorovinyl market softness.