Latest news with #Oxy
Observer
a day ago
- Business
- Observer
OQGN eyes Ibri for carbon capture opportunities
MUSCAT, AUG 11 Pressing ahead with its carbon capture and CCUS ambitions, OQ Gas Networks (OQGN) – the majority state-owned operator of Oman's gas transportation infrastructure – has identified the Ibri Power Project in Al Dhahirah Governorate as a promising candidate for carbon capture in partnership with Occidental (Oxy) Oman. Carbon capture, utilisation, and storage (CCUS), along with green hydrogen transportation, form key pillars of the publicly traded company's strategy to position itself as a leading player in advancing Oman's Net Zero goals. 'The company's strategic stance towards energy transition continues to be a focus, specifically in hydrogen and CCUS,' OQGN stated in its Q2 2025 financial performance report. 'As part of this work, OQGN has signed a cooperation agreement with (Belgian energy infrastructure player) Fluxys to jointly develop hydrogen transportation infrastructure in Oman. On the carbon capture front, the Ibri Power Plant has been identified as a key priority, and OQGN has coordinated with Oxy on the way forward to jointly assess capture opportunities.' The 1,509 MW combined-cycle gas turbine (CCGT) power plant in Ibri is one of Oman's largest gas-fired projects and began operations in Q2 2019. It was developed by Ad-Dhahirah Generating Company, backed by a consortium that includes ACWA Power, Mitsui, and DIDIC as its major shareholders. Oxy Oman is among several local and international entities collaborating with OQGN to advance the Sultanate of Oman's energy transition and decarbonisation goals. In November 2023, the upstream energy company signed an MoU with OQGN to jointly study and develop CCUS projects in Oman, particularly for enhanced oil recovery (EOR) and broader carbon management strategies. Belgian energy infrastructure leader Fluxys is both a strategic partner and an investor, holding a 4.9% equity stake in OQGN. The two companies signed an MoU in October 2023 to collaborate on developing hydrogen and CO₂ infrastructure in Oman. In May 2025, they advanced this partnership by signing a term sheet agreement under which Fluxys will serve as a minority shareholder and co-operator in developing Oman's hydrogen transportation network. In addition, OQGN has joined a Memorandum of Cooperation with Oman's Ministry of Energy and Minerals and other major energy players to form a 'House of Expertise' tasked with developing the regulatory and strategic framework for CCUS technologies and blue hydrogen in support of Oman's Net Zero 2050 targets. Likewise, in collaboration with Hydrom – the architect of Oman's green hydrogen sector – OQGN is conducting technical feasibility studies on open-access pipeline networks for both green hydrogen and CO₂ transport, leveraging its existing natural gas infrastructure to support decarbonisation.
Zawya
2 days ago
- Business
- Zawya
North Oman Gas & Condensate Discovery under test production: Oxy
MUSCAT: A major hydrocarbon discovery announced recently by US energy major Occidental (Oxy) in one of its concessions in north Oman is undergoing production testing, alongside an evaluation of its appraisal and development plans. The announcement came in published material issued during the Q2 2025 Conference Call hosted by senior Oxy executives over the weekend. Oxy Oman, a wholly owned subsidiary of Occidental Petroleum Corporation, is one of the largest independent investors in the Sultanate's upstream sector, with interests in eight blocks: 9, 27, 62, 30, 65, 51, 72, and 53. Dubbed the 'North Oman Gas & Condensate Discovery,' the resource is estimated to hold around 250 million barrels of oil equivalent (boe). The reservoir is under test production, while appraisal and development plans are being evaluated, said Oxy. Its proximity to existing infrastructure, including a gas plant with available capacity, is considered a key advantage. However, dominating the Oman segment of the conference call were developments related to Oxy Oman's flagship asset – the heavy-oil-producing Mukhaizna field in Block 53. An extension agreement signed recently by Oman's Ministry of Energy and Minerals with Oxy and other Block 53 shareholders is 'expected to deliver significant value while supporting Oman's key national objectives,' the US energy firm said. Furthermore, there is potential to grow resources by over 800 million gross barrels from the field, with competitive project returns, it noted. Under the extension of the Block 53 Exploration and Production Sharing Agreement (EPSA), signed in May, Occidental Mukhaizna and its partners have committed to investing an estimated RO 11.5 billion (approximately USD 30 billion) through to 2050. These investments will cover capital and operational expenditures aimed at enhancing production efficiency and deploying advanced extraction technologies to optimize resource recovery within the block. To date, Oxy Oman has produced over 640 million barrels from Block 53 through the operation of 3,500 wells. In remarks during the conference call, Vicki Hollub, President and Chief Executive Officer of Oxy, commented: 'That was an incredible agreement that we made with Oman because it benefits both Oxy and Oman, and it allows us the flexibility and possibility to invest there because now the economics will be comparable.' Kenneth Dillion, Senior Vice President and President, International Oil and Gas Operations, also highlighted the presence of multiple stacked pays—distinct hydrocarbon-bearing layers (pay zones) stacked vertically within the same geological structure—in the block. 'With all the work we've done there, what we see is multiple stacked pays across a very large block. And in the North, we've been producing the layup wells for some time now, which are totally different and don't need any steam. So we see the extension as a win-win for Oxy and the government, and sustainable.' Net hydrocarbon production from Oxy Oman's portfolio climbed to an average of 76,000 barrels of oil equivalent per day (boepd) during the second quarter of 2025, up from 64,000 boepd in the corresponding period of 2024. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
3 days ago
- Business
- Observer
North Oman Gas & Condensate Discovery under test production: Oxy
MUSCAT: A major hydrocarbon discovery announced recently by US energy major Occidental (Oxy) in one of its concessions in north Oman is undergoing production testing, alongside an evaluation of its appraisal and development plans. The announcement came in published material issued during the Q2 2025 Conference Call hosted by senior Oxy executives over the weekend. Oxy Oman, a wholly owned subsidiary of Occidental Petroleum Corporation, is one of the largest independent investors in the Sultanate's upstream sector, with interests in eight blocks: 9, 27, 62, 30, 65, 51, 72, and 53. Dubbed the 'North Oman Gas & Condensate Discovery,' the resource is estimated to hold around 250 million barrels of oil equivalent (boe). The reservoir is under test production, while appraisal and development plans are being evaluated, said Oxy. Its proximity to existing infrastructure, including a gas plant with available capacity, is considered a key advantage. However, dominating the Oman segment of the conference call were developments related to Oxy Oman's flagship asset – the heavy-oil-producing Mukhaizna field in Block 53. An extension agreement signed recently by Oman's Ministry of Energy and Minerals with Oxy and other Block 53 shareholders is 'expected to deliver significant value while supporting Oman's key national objectives,' the US energy firm said. Furthermore, there is potential to grow resources by over 800 million gross barrels from the field, with competitive project returns, it noted. Under the extension of the Block 53 Exploration and Production Sharing Agreement (EPSA), signed in May, Occidental Mukhaizna and its partners have committed to investing an estimated RO 11.5 billion (approximately USD 30 billion) through to 2050. These investments will cover capital and operational expenditures aimed at enhancing production efficiency and deploying advanced extraction technologies to optimize resource recovery within the block. To date, Oxy Oman has produced over 640 million barrels from Block 53 through the operation of 3,500 wells. In remarks during the conference call, Vicki Hollub, President and Chief Executive Officer of Oxy, commented: 'That was an incredible agreement that we made with Oman because it benefits both Oxy and Oman, and it allows us the flexibility and possibility to invest there because now the economics will be comparable.' Kenneth Dillion, Senior Vice President and President, International Oil and Gas Operations, also highlighted the presence of multiple stacked pays—distinct hydrocarbon-bearing layers (pay zones) stacked vertically within the same geological structure—in the block. 'With all the work we've done there, what we see is multiple stacked pays across a very large block. And in the North, we've been producing the layup wells for some time now, which are totally different and don't need any steam. So we see the extension as a win-win for Oxy and the government, and sustainable.' Net hydrocarbon production from Oxy Oman's portfolio climbed to an average of 76,000 barrels of oil equivalent per day (boepd) during the second quarter of 2025, up from 64,000 boepd in the corresponding period of 2024.
Yahoo
5 days ago
- Business
- Yahoo
Oxy Sells Permian Assets Valued at $950MM to Reduce Debt
Occidental Petroleum is selling off non-core assets and pushing forward in its debt reduction plan, with four Permian Basin deals valued at $950 million during the second and early third quarters. Between April and July 2025, Occidental (Oxy) completed multiple transactions totaling approximately $370 million, divesting non-core and certain non-operated Permian Basin upstream assets that are not within the company's near-term development plan, according to an Aug. 6 news release. Oxy didn't disclose the buyers. Oxy agreed in July with an affiliate of Enterprise Products Partners (EPD) to sell an entity that owns certain gas gathering assets in the Midland Basin for $580 million. The deal is subject to customary closing conditions and regulatory approval, including the expiration or termination of the Hart-Scott-Rodino Act waiting period, and is expected to close in the third quarter. In February 2024, EPD announced several acquisitions with Western Midstream Partners on Feb. 22, days after reports that Occidental Petroleum, which owns Western Midstream, was looking to sell some Permian assets. Since its December 2023 announcement that it would buy CrownRock, Oxy has made divestitures close to $4 billion. During the last 12 months, Occidental has repaid $7.5 billion of debt, including proceeds from non-core Delaware Basin transactions that closed in April and July, and expects to apply an additional $580 million to debt reduction upon closing of the Midland Basin gas gathering divestiture. "We are pleased with how we continue to strategically strengthen our portfolio, and it's rewarding to see those efforts drive debt reduction and create value for shareholders," Vicki Hollub, Oxy's president and CEO, said in the news release. "We believe Occidental has the best assets in our history and we will continue to find opportunities to high-grade our portfolio and generate long-term value." Oxy executives said this time last year that the firm intended to reduce debt by up to $6 billion within 18 months of the $12 billion CrownRock close. Oxy reported in its quarterly 10-Q filing with the U.S. Securities and Exchange Commission (SEC) that in July, the firm agreed to sell gas gathering assets in the Permian Basin for approximately $580 million. Since the beginning of the year and through the form filing date on Aug. 6, Oxy has sold non-core proved and unproved U.S. onshore oil and gas working interests valued at $730 million. During the first quarter, Oxy sold $900 million worth of non-operated proved and unproved royalty and mineral interests in the Denver-Julesburg Basin. The difference in the assets' net book value and adjusted purchase price was treated as a normal retirement, and as a result no gain or loss was recognized.
Yahoo
01-08-2025
- Business
- Yahoo
Should You Buy Occidental Petroleum (OXY) Stock Before Aug. 6? Here's What History Says.
Key Points Occidental Petroleum operates in all three energy segments: upstream, midstream, and downstream. There is no direct correlation between an earnings beat or miss and Oxy's immediate stock performance. Rather, Oxy's stock price movements seem to have followed a path similar to WTI crude oil prices. 10 stocks we like better than Occidental Petroleum › Occidental Petroleum (NYSE: OXY), also known as Oxy, is an energy company specializing in oil and natural gas exploration, production, and manufacturing. Operating in all three segments of the energy pipeline -- upstream, midstream, and downstream -- has made Oxy a fully integrated energy company. On Aug. 6, Oxy will report its fiscal second-quarter earnings, marking a key date for a company whose stock has lost a quarter of its value over the past 12 months. For investors looking to buy the stock pre-earnings to take advantage of a potential post-earnings stock price jump, you might want to reconsider this thought process. I'll show you why. Even good earnings haven't meant a stock price increase for Oxy Oftentimes, having a mindset of "this good thing happened, so the stock should rise" or "this bad thing happened, so the stock should decline" can be counterproductive in stock investing. It might make logical sense, but unfortunately, the stock market doesn't operate on that logic. There has been no correlation between Oxy beating, meeting, or missing its earnings-per-share (EPS) estimates and its next-day (or even week) stock price movements. In its last eight quarters, Oxy has beaten or met EPS estimates seven times, yet the stock only increased the next day three times. This indicates that investors are giving weight to factors other than earnings. Reported Quarter Beat EPS Estimates? Next-Day Stock Price Move May 2025 Yes Up Feb. 2025 Yes Down Nov. 2024 Yes Down Aug. 2024 Yes Up May 2024 Yes Up Feb. 2024 Met Down Nov. 2023 Yes Down Aug. 2023 No Down Source: AlphaQuery and YCharts. Here's a key number investors should be focusing on when it comes to Oxy Earnings aside, one of the most important factors affecting Oxy's business (and how investors perceive it) is the West Texas Intermediate (WTI) crude oil prices. Simply put, the higher the WTI is, the more Oxy earns per barrel of oil because it sells most of its oil at a price tied to the WTI. Oxy's stock price and WTI prices follow a similar path, but you also don't want to buy the stock assuming you can anticipate how WTI prices will move, either. Ideally, you would acknowledge the correlation between the two, yet approach Oxy's stock with a long-term mindset. Shares of Occidental Petroleum likely won't experience any hypergrowth that you sometimes see with flashy tech stocks, so the real value is unlocked by holding on to it for the long haul and taking advantage of its above-average dividend yield. If you're comfortable with that possibility, then by all means buy the stock before Aug. 6. If you're buying it before Aug. 6 strictly based on potential earnings, know that it's essentially a coin flip on how the stock price moves. Should you invest $1,000 in Occidental Petroleum right now? Before you buy stock in Occidental Petroleum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Occidental Petroleum wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $625,254!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,090,257!* Now, it's worth noting Stock Advisor's total average return is 1,036% — a market-crushing outperformance compared to 181% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025 Stefon Walters has no position in any of the stocks mentioned. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy. Should You Buy Occidental Petroleum (OXY) Stock Before Aug. 6? Here's What History Says. was originally published by The Motley Fool Sign in to access your portfolio
