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Need for Flex Drives US Permian M&A


Need for Flex Drives US Permian M&A
Feb 26, 2021 11:50:am
Summary
by: Thierry Bros
As explained back in October, the on-going takeover flurry in the US Permian can be explained by major companies desperate need for flexibility in an energy transition world, where the forecasts are more and more difficult to establish. The Permian has proven to be extremely flexible with a reduction of 1.4mn barrels of oil equivalent (boe)/d, a drop of 17% in hydrocarbon production in just 2 months between March and May 2020. And now with oil prices above $60/barrel, Permian oil production should recover fast.
With a 26% production growth year . ....

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Occidental Petroleum posts larger quarterly loss on asset sale


3 Min Read
HOUSTON (Reuters) - Occidental Petroleum Corp on Monday posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results.
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
The U.S. producer has slashed jobs and output after the coronavirus pandemic hammered global energy demand, pressuring an energy company that had loaded up on debt in 2019 to acquire an oil rival. Its fourth-quarter loss widened to $731 million compared with a $269 million loss in the same quarter a year ago. ....

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Occidental does not anticipate growing production 'at least this year' - CEO Hollub


By Reuters Staff
2 Min Read
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
(Reuters) - Occidental Petroleum Corp expects its low-carbon business to generate earnings equal to its oil and gas production business in the coming decades, Chief Executive Vicki Hollub told analysts on Tuesday.
Occidental has been an early mover among U.S. oil producers in setting ambitious net-zero emissions goals and last year created a low-carbon group to commercialize pulling carbon dioxide out of the atmosphere through a process known as direct air capture. ....

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DAR-Negros Occidental II notes huge accomplishments amid pandemic


February 23, 2021
UNDERSCORING its accomplishments especially amid the challenges brought about by the coronavirus disease (Covid-19), the Department of Agrarian Reform (DAR) in Negros Occidental has delivered huge especially in land acquisition and distribution in the last five years.
The agency reported that it managed to distribute 1, 131.6588 hectares of agricultural lands to 1,367 agrarian reform beneficiaries (ARBs) in the southern part of the province last year.
These have brought to 6,005.2756 hectares of agricultural lands distributed by DAR-Negros Occidental II to 8, 242 beneficiaries since 2016.
Also, it was able to register 643.34533 hectares of agricultural lands in 2020, making the total registered lands to 8,706.8382 hectares within the last five years. ....

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Occidental says low-carbon business profits could match oil


By Reuters Staff
2 Min Read
FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid
(Reuters) - Occidental Petroleum Corp expects its low-carbon business to generate earnings equal to its oil and gas production business in the coming decades, Chief Executive Vicki Hollub told analysts on Tuesday.
Occidental has been an early mover among U.S. oil producers in setting ambitious net-zero emissions goals and last year created a low-carbon group to commercialize pulling carbon dioxide out of the atmosphere through a process known as direct air capture. ....

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