Occidental Sees 10 Years Of Oil Development In The Permian Basin Considering Use Of Five Rigs
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum Corporation has projected a decade of oil development in the Permian Basin, with plans to utilize five rigs for the operation. This long-term outlook underscores the company's commitment to the region and indicates a steady pace of production.
December 11, 2023 | 4:20 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Occidental Petroleum's announcement of a 10-year development plan in the Permian Basin using five rigs suggests a strong, sustained presence in the region and potential for steady production growth.
The news of a 10-year development plan is a positive signal for investors, indicating that Occidental has a clear strategy for sustained oil production. The use of five rigs demonstrates a significant commitment to the Permian Basin, which could lead to increased investor confidence and potentially a rise in stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100