Occidental Petroleum Corporation
 (OXY)

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  • Thu, Feb. 4, 12:46 PM
    • Occidental Petroleum (OXY +1.7%) says it has no plans to cut its dividend and is confident payouts can be covered through cash flow and debt.
    • "We don't see a threat to our dividend going through this cycle," OXY President Vicki Hollub says in the company's earnings conference call in response to analysts seeking reassurances in the wake of ConocoPhillips' newly announced 66% dividend cut; OXY's dividend costs ~$2.23B annually.
    • In its Q4 earnings report, OXY says it ended 2015 with ~$4.4B in cash on the balance sheet and expects to receive another $900M from the Ecuador settlement and $300M in proceeds from asset sales in the coming months.
    • OXY's Q4 production climbed 12.6% Y/Y to 671K boe/day, roughly flat compared with the previous quarter; its realized crude oil price in Q4 was $38.68/bbll, down 46% Y/Y.
    | Thu, Feb. 4, 12:46 PM | 9 Comments
  • Tue, Jan. 26, 12:59 PM
    • A partnership founded by Simon Greenshields, previously the global co-head of commodities at Morgan Stanley, has bought Phibro from Occidental Petroleum (OXY +2%), Financial Times reports.
    • Energy Arbitrage Partners, started by Greenshields, acquired Phibro's name, intellectual property, information technology, customer base and historical data, according to the report.
    • OXY wound down Phibro, once a powerhouse in global oil markets, in late 2014 as it laid off employees and pursued a sale of some overseas operations.
    | Tue, Jan. 26, 12:59 PM | 1 Comment
  • Thu, Jan. 21, 3:49 PM
    • Crude oil futures settled more than 4% higher on the back of perceived oversold conditions, despite a higher than expected inventory build; March WTI jumped 4.2% to settle at $29.53/bbl after trading as high as $30.25, while Brent surged 4.9% to $29.25.
    • Crude prices were supported by the inventory increase in this morning's EIA report, which was less than the API’s report released on Wednesday, says Phil Flynn, senior market analyst at Price Futures Group; also, reports of Libyan oil tanks on fire eased speculation that Libya would be exporting more oil soon.
    • Also supportive for prices, oil production in the lower 48 states edged lower for the first time in seven weeks, “which is at least ‘less bearish’ for the extremely oversupplied global oil market,” says Tyler Richey of The 7:00’s Report.
    • The energy sector is bouncing after hitting a multiyear low yesterday: XOM +1.4%, CVX +2.7%, RDS.A +3.8%, BP +3.7%, TOT +2.3%, STO +4.5%, COP +6.2%, MRO +12.2%, APC +10.3%, OXY +2.1%, EOG +6.4%, PXD +2.7%, APA +8.2%, HES +7%, KMI +15.5%, EPD +3.3%, ETP +6.8%.
    • ETFs: UNG, USO, OIL, XLE, UGAZ, UCO, DGAZ, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, BOIL, GAZ, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, KOLD, BGR, USL, XES, IYE, IEO, UNL, IEZ, DNO, FENY, PXE, PXI, FIF, PXJ, OLO, SZO, NDP, RYE, DCNG, FXN, OLEM, DDG
    | Thu, Jan. 21, 3:49 PM | 116 Comments
  • Thu, Jan. 14, 3:26 PM
    • Energy stocks are broadly higher as U.S. crude oil bounces off $30/bbl to end pit trading at $31.22, +2.6%; the SPDR Energy ETF (XLE +5.1%) soars 5%, with 36 of its 40 equity components trading higher, after closing yesterday at its lowest level since September 2010.
    • Exxon Mobil (XOM +5.5%) and Chevron (CVX +5.9%) are the Dow's top two gainers; and pipeline companies sport strong showings with Kinder Morgan (KMI +8.2%), Plains All American Pipeline (PAA +11.7%) and Williams Cos. (WMB +27.4%) among the biggest winners.
    • Among other major energy movers: ETE +22.6%, BP +7.6%, MRO +7.5%, OXY +7.1%, PBR +7%, COP +7%, RDS.A +6.7%, SE +6.1%, PSX +6.1%, ETP +6.1%, EPD +5.3%, APA +5%, E +4.6%, HES +4.1%, MPC +4.1%.
    • Amid overwhelmingly negative sentiment, a few analysts are venturing out to say the worst may be over or nearly so: Deutsche Bank’s Torsten Slok thinks "we now have the worst behind us in terms of the negative impact of falling oil prices on the economy," and Gluskin Sheff’s David Rosenberg argues that the oil selloff is getting “long in the tooth.”
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Thu, Jan. 14, 3:26 PM | 89 Comments
  • Dec. 7, 2015, 10:35 AM
    • The energy sector (-4.5%) paces the opening decline, as WTI crude oil prices -4% at $38.35/bbl following a 2.7% slide on Friday after OPEC's failure to agree on a production target to reduce the oil glut.
    • Investors are betting on oil prices staying lower for even longer after OPEC's non-decision, pushing U.S. crude futures for delivery nearly 10 years away below $60/bbl, Reuters reports.
    • But the oil glut is set to continue as much because of the U.S. as of OPEC, as U.S. shale drillers have only trimmed their pumping a little, and rising oil flows from the Gulf of Mexico are propping up U.S. production; the overall output of U.S. crude fell just 0.2% in September, the most recent monthly federal data available, and is down less than 3%, to 9.3M bbl/day, from the peak in April.
    • Goldman Sachs says it expects oil prices to remain "lower for longer," with a risk that prices could fall as low as $20/bbl.
    • In early trading: XOM -2.9%, CVX -4.1%, BP -3.2%, RDS.A -4.2%, COP -4.6%, MPC -3.2%, MRO -7.4%, PSX -2.8%, HES -4.9%, APC -6.1%, OXY -3.1%, EOG -5.8%, DVN -9.3%, PXD -7.2%, APA -3.9%, CHK -8%, CLR -9.1%.
    • ETFs: USO, OIL, XLE, UCO, UWTI, VDE, ERX, OIH, SCO, XOP, BNO, DBO, DWTI, ERY, FCG, DIG, GASL, DTO, DUG, BGR, USL, XES, IYE, IEO, IEZ, DNO, FENY, PXE, PXI, PXJ, FIF, OLO, SZO, NDP, RYE, FXN, OLEM, DDG
    | Dec. 7, 2015, 10:35 AM | 118 Comments
  • Nov. 2, 2015, 3:17 PM
    • A World Bank tribunal rules that Ecuador must pay ~$1.06B to Occidental Petroleum (OXY +1.9%) for seizing the company's assets in 2006, reduced from the $1.77B ordered in 2012 by the International Center for Settlement of Investment Disputes which led the country's government to appeal.
    • Ecuadorean Pres. Correa says he will use the latest amount as the basis for negotiations, reiterating comments he made Saturday that the government was in talks with the company to seek an agreement.
    • At the time of the 2006 contract termination, OXY was Ecuador's largest oil investor, extracting ~100K bbl/day of oil.
    | Nov. 2, 2015, 3:17 PM
  • Oct. 28, 2015, 11:29 AM
    • Occidental Petroleum (OXY +4.8%) powers higher after reporting better than expected Q3 earnings and announcing plans to exit some shale basins in the U.S.
    • CEO Stephen Chazen says OXY will exit the Williston Basin and consider minimizing its involvement in its Middle East and North Africa non-core operations.
    • OXY says total Q3 production rose 16% Y/Y to 689K boe/day, as it started up its Al Hosn oil field in the UAE, which produced 50K bbl/day in the quarter and oil output in west Texas surged 72% to 74K bbl/day.
    • OXY says Q3 WTI and Brent marker prices were $46.43/bbl and $51.17/bbl, respectively, down more than 50% Y/Y.
    • Says it reduced its Q3 capital budget by $300M.
    | Oct. 28, 2015, 11:29 AM | 1 Comment
  • Oct. 8, 2015, 1:57 PM
    • Oppenheimer energy analysts expect just one of the 15 pure-play E&P companies it covers to report positive EPS in Q3, just two to post positive EPS in Q4, and only two to finish in the green for 2016.
    • Devon Energy (DVN +1.5%) is the only large E&P Oppenheimer expects to post a profit in Q3 and one of only two, along with Range Resources (RRC +1.5%), seen recording a profit in Q4.
    • The firm sees Anadarko Petroleum (APC +2.4%), Hess (HES +4.1%) and Murphy Oil (MUR +3.5%) as the hardest hit stocks in Q3, forecasting respective EPS losses of $0.76, $0.91 and $1.13.
    • Oppenheimer projects only ConocoPhillips (COP +1.2%) and Occidental Petroleum (OXY +1.9%) coming through with a profit for full-year 2016.
    | Oct. 8, 2015, 1:57 PM | 2 Comments
  • Sep. 25, 2015, 3:15 PM
    • Sterne Agee CRT’s Tim Rezvan notes that investors are still shorting oil and gas stocks, especially Chesapeake Energy (CHK -5.6%), and have been rapidly increasing their short positions in Approach Resources (AREX -7.4%), Occidental Petroleum (OXY +0.7%) and Energen (EGN -0.4%).
    • According to Rezvan, AREX had a 77% increase in short interest to 7.9M shares (19.6% of shares outstanding) since the end of August, OXY had an 18.9% increase to 17.9M shares (2.3% of shares outstanding), and EGN had an 8.4% increase to 3.7M shares (4.7% of shares outstanding).
    • Short interest in CHK rose another 3M shares to 220.6M (33.1% of shares outstanding), the seventh consecutive increase.
    | Sep. 25, 2015, 3:15 PM | 27 Comments
  • Aug. 25, 2015, 12:18 PM
    • Occidental Petroleum (OXY +3.7%), Diamondback Energy (FANG +1.2%), Gulfport Energy (GPOR +3.3%) and Rice Energy (RICE +1.3%) are recommended by Sterne Agee CRT analyst Tim Rezvan as "high conviction long ideas" in the energy sector for investors wary of the group amid structural issues facing global oil markets that appear unlikely to abate this year.
    • OXY shares are "an attractive port amid the current oil volatility storm," Rezvan writes, believing the sustainable 4.6% yield - vs. other less stable, higher yielding energy equities - should provide a floor for the shares near the current level.
    • FANG is seen as an underlevered pure-play in a premier oil shale basin with no legacy assets to weigh on operating expenses, which the firm says maintains the lowest full-cycle costs in its coverage group.
    | Aug. 25, 2015, 12:18 PM
  • Aug. 21, 2015, 12:34 PM
    • "It's worse than you think," says longtime China bear Jim Chanos, having a day on CNBC. "Whatever you might think, it's worse."
    • "People are beginning to realize the Chinese government is not omnipotent and omniscient ... like many of us, sometimes they don't have a clue."
    • Chanos is short Solar City (SCTY -8.9%), saying it's really a subprime finance company, burning a lot of cash, and with negative EBITDA ... "this environment ... scary."
    • He remains short some of the bigger names in the energy exploration and production space - DVN, MRO, OXY, APC.
    • I don't like Shell (RDS.A -1.8%) or Chevron (CVX -1.5%), he says, and believes neither Chevron's dividend nor its buyback are safe.
    • ETFs: FXI, ASHR, CAF, YINN, PGJ, GXC, FXP, YANG, CHN, PEK, MCHI, TDF, XPP, YAO, GCH, ASHS, YXI, CN, CHXF, FCA, CNXT, CHNA, KBA, JFC, AFTY, CHAUXLE, VDE, ERX, OIH, XOP, ERY, DIG, DUG, BGR, IYE, IEO, FENY, PXE, FIF, PXJ, NDP, RYE, FXN, DDG, DRIP, GUSH
    | Aug. 21, 2015, 12:34 PM | 73 Comments
  • Jun. 26, 2015, 12:27 PM
    • California Resources (CRC -5.5%) fell as much as 16% before recovering after a negative report from short-seller BlueMountain Capital Management, which said the stock is worthless and the company’s debt would need to be restructured.
    • CRC's oil fields have high overhead costs and shrinking crude output that do not “come close to covering its debt," and the portfolio of undrilled reserves is of "little incremental value’’ and cannot be relied upon to rescue the company’s finances, BlueMountain says.
    • Occidental Petroleum (OXY -1%) is CRC's largest investor with a 19% stake.
    | Jun. 26, 2015, 12:27 PM | 21 Comments
  • May 6, 2015, 10:35 AM
    • Occidental Petroleum (OXY +2.5%) opens higher after reporting Q1 earnings in-line with expectations and raising its 2015 production forecast.
    • OXY says its Q1 production rose 13% Y/Y to 645K boe/day, led by the Permain Resources business, where production grew 46%; it raises its FY 2015 production guidance to grow by 60K-80K boe/day from last year's level of 591K boe/day.
    • OXY's Q1 chemical unit earnings rose 2% Y/Y to $139M, while the midstream pipeline business posted a $5M loss vs. a year-ago $96M profit, due to falling ethane and propane costs.
    • The results came a day after OXY named company insider Vicki Hollub as its next CEO and raised its quarterly dividend.
    | May 6, 2015, 10:35 AM
  • Feb. 3, 2015, 2:49 PM
    • Veteran energy analyst Christopher Eades recommends a half-dozen safe oil majors, oilfield services firms and transport MLPs as the best bets to ride out the current storm - Halliburton (HAL +4%), Pioneer Natural Resources (PXD +2.2%), Hess (HES +3.2%), Occidental Petroleum (OXY +2.1%), Enterprise Products Partners (EPD +1.4%) and Plains All American Pipeline (PAA +2.4%) - all companies with strong balance sheets, strong growth prospects, and healthy yield levels with no dividend cuts on the table.
    • Eades says he is "more enthusiastic about MLPs than I've been in some time," as the group has essentially given up two years’ worth of gains yet cash flow fundamentals have been largely unchanged - "to me, that sounds like a good opportunity, particularly in a world still so starved for yield."
    | Feb. 3, 2015, 2:49 PM | 13 Comments
  • Jan. 5, 2015, 12:18 PM
    | Jan. 5, 2015, 12:18 PM | 71 Comments
  • Dec. 22, 2014, 10:45 AM
    • Natural gas prices fall 9.5% to near two-year lows at $3.133/mmBtu, in the biggest one-day percentage loss since February and the lowest intraday price since January 2013, on mild weather forecasts and inventory that is above year-ago levels.
    • Prices are now down more than 15% in three straight losing sessions and are 30% lower than the six-month high closing price of $4.489/mmBtu it hit just a month ago.
    • Weather has been unseasonably warm for December, limiting demand for home heating and allowing relatively low stockpiles to catch up to where they were a year ago and encouraging traders to sell based on the belief that supply is relatively healthy.
    • Gas producers are among the biggest early decliners: XOM -1.1%, CHK -7.3%, APC -2.6%, SWN -6%, DVN -2.2%, COP -2.3%, BP -1.5%, COG -4%, BHP -1.9%, CVX -1.3%, ECA -5.1%, EQT -4.3%, RDS.A -1.7%, UPL -12%, WPX -6.9%, EOG -1%, OXY -1.1%, RRC -6.1%, APA -2.3%, AR -3.2%, CNX -3%, QEP -4.8%, LINE -4.9%, NBL -1.6%, SM -2.6%, XEC -4.2%, PXD -2.9%, NFX -5.1%.
    • ETFs: UNG, DGAZ, UGAZ, BOIL, GAZ, FCG, GASL, KOLD, UNL, NAGS, DCNG
    | Dec. 22, 2014, 10:45 AM | 47 Comments
Company Description
Occidental Petroleum Corp is a multinational organization whose subsidiaries and affiliates operate in the oil and gas, chemical and midstream, marketing & other segments.