Occidental Petroleum plans more spending in 2017

|About: Occidental Petroleum Corpor... (OXY)|By:, SA News Editor

Occidental Petroleum (OXY -6.1%) sinks to lows of the day after reporting a larger than expected Q3 loss as production is curtailed due to the slump in oil prices.

OXY says its Q3 production totaled 605K boe, 12% lower than 689K boe in the year-ago quarter, as it continued to reduce its exposure to non-core operations in the U.S. and the Middle East and North Africa region, and says Q3 oil and gas operating costs fell 82% Y/Y.

OXY says it plans to spend $3.3B-$3.8B in 2017, up from the planned $3B for 2016 and making it one of the largest oil companies so far to promise a spending hike next year.

In the Permian Basin, the company expects to drill an additional 115 wells next year, bringing up oil production by “double digits” after its output in the region declined this year.

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