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MarketScreener Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

OCCIDENTAL PETROLEUM CORPORATION

(OXY)
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Delayed Quote. Delayed Nyse - 03/05 04:10:00 pm
31.23 USD   +4.45%
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Occidental says low-carbon business profits could match oil

02/23/2021 | 03:24pm EST
The logo for Occidental Petroleum is displayed on a screen on the floor at the NYSE in New York

(Reuters) - Occidental Petroleum Corp expects its low-carbon business to generate earnings equal to its oil and gas production business in the coming decades, Chief Executive Vicki Hollub told analysts on Tuesday.

Occidental has been an early mover among U.S. oil producers in setting ambitious net-zero emissions goals and last year created a low-carbon group to commercialize pulling carbon dioxide out of the atmosphere through a process known as direct air capture.

An Occidental-backed venture on Tuesday awarded an engineering and design contract for a direct-air capture facility in the Permian Basin. That work is expected to be complete in 2022, and construction would take another 18 months to two years, Hollub said. Occidental is partnering with other companies to finance such projects.

"As part of our low-carbon strategy, we can provide a solution for partners and other industries as well, which is airlines and utilities," Hollub said. "Those industries may not have an alternative means to significantly lower their carbon footprint."

The U.S. producer posted on Monday after market close a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results. Occidental had a pre-tax loss of $1.1 billion in their oil and gas business for the quarter, though that unit had profits of $921 million in the fourth quarter of 2019.

Shares traded down 2% to $25.93 on Tuesday.

The impact of severe winter storms in Texas last week that shuttered oil output was temporary, with 90% of Occidental's oil and gas production and its chemicals business back in operation, Hollub said.

The costs of shutdowns and restarts from the winter storm are not yet quantified, Hollub said. "But the good thing is we see no permanent damage with anything, and the wells are starting back and looking very good," she added.

(Reporting by Jennifer Hiller; editing by Jonathan Oatis. Marguerita Choy and Cynthia Osterman)


© Reuters 2021
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Financials (USD)
Sales 2021 19 636 M - -
Net income 2021 -2 129 M - -
Net Debt 2021 29 684 M - -
P/E ratio 2021 -12,5x
Yield 2021 0,13%
Capitalization 29 092 M 29 092 M -
EV / Sales 2021 2,99x
EV / Sales 2022 2,91x
Nbr of Employees 11 800
Free-Float 86,0%
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Technical analysis trends OCCIDENTAL PETROLEUM CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 26
Average target price 24,58 $
Last Close Price 31,23 $
Spread / Highest target 21,7%
Spread / Average Target -21,3%
Spread / Lowest Target -77,6%
EPS Revisions
Managers and Directors
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Robert Lee Peterson Chief Financial Officer & Senior Vice President
Stephen I. Chazen Chairman
Marcia E. Backus Chief Compliance Officer, SVP & General Counsel
Avedick Baruyr Poladian Independent Director
Sector and Competitors
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OCCIDENTAL PETROLEUM CORPORATION80.42%29 092
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PIONEER NATURAL RESOURCES COMPANY39.23%35 430