Q3 2024 Occidental Petroleum Corp Earnings Call Transcript
Key Points
- Occidental Petroleum Corp (OXY) delivered the highest operating cash flow of the year, driven by strong operational execution despite weather disruptions and commodity price volatility.
- The oil and gas segment exceeded production guidance, setting a new company record for the highest quarterly US production in history.
- The integration of CrownRock assets has been successful, contributing to production outperformance and operational efficiencies.
- Significant progress in debt reduction, with $4 billion repaid in the third quarter, nearly 90% of the year-term commitment.
- Advancements in low-carbon ventures, including the construction of the STRATOS direct air capture project, which is progressing smoothly and on schedule.
- Production in the Gulf of Mexico was below guidance due to unplanned downtime from hurricane-related activity.
- There is a downside risk to oil prices in 2025, which could impact future capital spending and growth plans.
- The oil mix in the Permian Basin showed a slight decline, raising concerns about resource base changes.
- Increased capital expenditure guidance for 2024, primarily due to the integration of CrownRock, may pressure financial flexibility.
- The macroeconomic environment remains uncertain, with potential impacts from geopolitical factors and commodity price volatility.
Good afternoon, and welcome to Occidental's third-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.
Thank you, Drew. Good afternoon, everyone, and thank you for participating in Occidental's third quarter 2024 earnings conference call.
On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President Operations, US Onshore Resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.
This afternoon, we will refer to slides available on the Investors section of our website. The presentation includes a cautionary statement on slide 2 regarding forward-looking statements that will be made under the call this afternoon.
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