Occidental Restores Gulf Output, Q3 Production Within Guidance
OXY sits 58% above its 52-week low of $38.8.
Summary
Occidental disclosed that production at its Gulf of America facilities, curtailed in September, has been partially restored. Q3 total company production remains within guidance, with oil estimated at 48.8% of output and Gulf net sales volumes at 110 MBOED. Realized oil prices averaged $85.91/bbl worldwide, while crude oil collar settlements reduced operating cash flow by $94 million. This follows the 8-K filed earlier today and provides operational clarity after the September curtailment.
At the time of this announcement, OXY was trading at $61.36 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $61.1B. The 52-week trading range was $38.80 to $67.45. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.