Occidental Announces 2nd Quarter 2018 Results

Posted On August 9th, 2018 - 10:34 am | by Oil and gas press

Occidental Petroleum Corporation today announced net income for the second quarter of 2018 of $848 million, or $1.10 per diluted share. Earnings for the second quarter of 2018 were adversely impacted by approximately $90 million, or $0.12 per diluted share, due to the timing of crude oil liftings in Oman and the non-cash, mark-to-market impact on crude oil volumes.

“With the early completion of our low oil price breakeven plan, outperformance across all three business segments and the expected sale of non-core domestic midstream assets, our priority is to use free cash flow to generate the greatest shareholder return,” said President and Chief Executive Officer Vicki Hollub.

“We remain committed to our dividend growth, have resumed our share repurchase program and are investing in our high-return Permian assets. Our world-class assets, combined with top-performing wells and takeaway capacity, afford us the unique opportunity to enhance our leadership position in the Permian Basin.”

Highlights:

Completed low oil price Breakeven Plan ahead of schedule

Increased dividend for 16th consecutive year

Achieved record earnings in Chemical and Marketing businesses

Exceeded high end of Permian Resources production guidance at 201,000 BOE per day, a 46 percent year-over-year increase

$5 billion additional cash in 2018 versus original plan

– $2.6 billion sale of non-core domestic midstream assets

– $2.5 billion from outperformance across all three segments

Allocation of additional cash focused on increasing shareholder returns

– Share repurchases targeted at over $2 billion in the next 12 to 18 months

– $1.1 billion capital budget increase for high-return, short-cycle oil and gas projects

Source / More : Occidental Petroleum Corporation (NYSE:OXY)

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