Occidental In Process to Sell Zubair To South Oil
Nov 11 15
Occidental Petroleum Corporation (NYSE:OXY) plans to sell Zubair oilfield. According to Iraqi oil officials, the oilfield will be sold to South Oil Company. "Occidental asked the ministry for permission to sell its stake in Zubair field and the ministry is in the process of approving the request. South Oil Company will acquire Occidental's stake," ministry spokesman Asim Jihad said. Occidental sought permission in mid-October, 2015, two South Oil officials said. Reuters added that Occidental declined to comment. "We have nothing to offer regarding your inquiry," Occidental spokesman Eric Moses said in an email to Reuters.
Occidental Petroleum Corporation Reports Consolidated Operating Results for the Third Quarter for the 2015 and Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Capital Spending Guidance for the Full Year of 2015 and 2016 and 2017; Records Impairment Charges on Domestic Gas Properties and its Oil and Gas Assets in Libya for the Third Quarter of 2015
Oct 28 15
Occidental Petroleum Corporation reported consolidated earnings and operating results for the third quarter ended September 30, 2015. For the quarter, the company reported core income of $24 million or $0.03 per diluted share. Reported loss was $3.42 per diluted share for the quarter, including $2.6 billion after tax charges, which reflect the sharp decline in the oil and gas futures price curves, as well as projects that management determined it would cease to pursue compared to $1.55 per diluted share. Although oil and NGL prices declined sequentially in the third quarter, the operating cash flow increased to $1.0 billion from $800 million in the second quarter of 2015. The company reduced the company’s capital spending another $300 million to $1.2 billion in the third quarter compared to $1.5 billion in the second quarter and $2.00 billion a year ago. Net sales were $3,116 million compared to $4,930 million a year ago. Loss before income taxes and other items was $3,111 million compared to income before income taxes and other items of $1,604 million a year ago. Loss from continuing operations was $2,606 million or $3.41 per basic share, compared to income from continuing operations of $998 million or $1.28 per basic share, a year ago. Net loss attributable to common stock was $2,609 million compared to net income attributable to common stock of $1,208 million a year ago. Operating cash flow from continuing operations was $1,026 million compared to $2,074 million a year ago. Payment for purchases of assets and businesses was $9 million compared to $45 million a year ago.
For the year to date, the company's net sales were $9,674 million compared to $19,312 million a year ago. Loss before income taxes and other items was $2,935 million compared to income before income taxes and other items of $1,224 million a year ago. Loss from continuing operations was $2,641 million or $3.45 per basic share, compared to $130 million or $0.18 per basic share, a year ago. Net loss attributable to common stock was $2,651 million compared to net income attributable to common stock of $616 million a year ago. Diluted loss per common share was $3.46 compared to diluted earnings per common share was of $2.88 a year ago. Operating cash flow from continuing operations was $2,403 million compared to $8,871 million a year ago. Payment for purchases of assets and businesses was $52 million compared to $1,687 million a year ago. Capital expenditures were $4,442 million compared to $8,720 million a year ago.
For the third quarter of 2015, total company average daily oil and gas production volumes increased by 94,000 barrels of oil equivalent (BOE) to 689,000 BOE from 595,000 BOE in the third quarter of 2014. Domestic average daily production increased by 17,000 BOE to 332,000 BOE in the third quarter of 2015 with the majority of the increase coming from oil production, which grew by 22,000 barrels to 204,000 barrels per day, with all of the increase attributable to Permian Resources. The increase in Permian Resources oil production was partially offset by lower oil and natural gas production in the Midcontinent and Other regions, of which Williston's average daily production was down by 4,000 BOE to 17,000 BOE compared to the third quarter of 2014. International average daily production increased to 357,000 BOE in the third quarter of 2015 from 280,000 BOE in the third quarter of 2014. The increase in international production is mainly due to the ramp up in production at Al Hosn, which produced 50,000 BOE per day in the third quarter of 2015.
The company provided capital spending guidance for the full year of 2015 and 2016 and 2017. For the full year of 2015, the company expects to exit this year at a quarterly spending rate of $1.1 billion to $1.2 billion. The company expects full year 2015 domestic tax rate to be 36% and international tax rates to remain at about 65%.
If product prices remain at current levels, its 2016 capital program will be less than the current rate.
The company expects investments to decline by about $300 million in 2016 and $400 million in 2017, as the projects are completed. This decline in capital spending on committed projects gives the company a lot of flexibility in setting its capital budget for 2016.
The company recorded an after-tax impairment of $1.3 billion related to its domestic gas properties and its oil and gas assets in Libya.
First Titan Interested In Acquiring Occidental Petroleum's Assets
Oct 27 15
First Titan Energy, LLC may be interested in buying the assets of Occidental Petroleum Corporation (NYSE:OXY) in North Dakota's Bakken Shale region, it said on Tuesday. "We intend to take a long, hard look at what's up for sale and pursue properties we think will add value to our growing portfolio," said Sydney Jim, Chief Executive Officer of First Titan Energy.