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Occidental

Contacts

Occidental Oil & Gas International LLC
International Tower
Al Karamah St
Abu Dhabi
United Arab Emirates

Tel: +971 2 691 7200

Occidental Oil and Gas Corporation
5 Greenway Plaza, Suite 110
Houston, Texas 77046-0521
USA

Tel: (713) 215-7000

Description

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East and Latin America. Headquartered in Houston, Occidental is one of the largest U.S. oil and gas companies, based on equity market capitalization. Occidental's midstream and marketing segment gathers, processes, transports, stores, purchases and markets hydrocarbons and other commodities. Occidental's wholly owned subsidiary, OxyChem, is a major North American chemical manufacturer.

Production

Excluding Colombia, which was sold in December, total average daily production for the fourth quarter of 2020 was 1,143 thousand of barrels of oil equivalent per day (Mboed), which exceeded the midpoint of guidance by 13 Mboed. Permian Resources exceeded the high end of guidance with production of 382 Mboed and all other domestic operations came in near the high end of guidance with production of 518 Mboed. International average daily production volumes were 243 Mboed.

Capex

Occidental confirmed a $2.9 billion capital budget to sustain 2021 production in line with the fourth quarter of 2020, while lowering base decline to 22 percent.

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