Occidental Exec Says Co To Increase Permian Production In H2 While Reducing Rigs; Gulf Of Mexico Operating Costs To Recover In Q3; Occidental Petroleum CEO Sees High Interest From Potential Buyers For Its Assets On Sale
Portfolio Pulse from Benzinga Newsdesk
Occidental Petroleum plans to increase Permian production in the second half of the year while reducing the number of rigs. Operating costs in the Gulf of Mexico are expected to recover in Q3. The CEO reports high interest from potential buyers for its assets on sale.
May 08, 2024 | 7:06 pm
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POSITIVE IMPACT
Occidental Petroleum's strategic moves to increase production in the Permian basin with fewer rigs and the anticipated recovery of operating costs in the Gulf of Mexico signal operational efficiency and cost management. Sale of assets and high buyer interest could provide liquidity.
Increasing production while reducing rigs indicates operational efficiency and cost-effectiveness, likely viewed positively by investors. Recovery of operating costs and high interest in asset sales suggest financial health and potential for liquidity improvement, positively impacting stock.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90