Occidental Petroleum Corporation
Occidental Petroleum Reports Strong Q3 2024 Financial Results
Summary
Occidental Petroleum Corporation reported net income of $964 million, or $0.98 per diluted share, and adjusted income of $977 million, or $1.00 per diluted share for Q3 2024. The company's total production exceeded guidance by 22 Mboed, and the midstream and marketing segment exceeded guidance by $145 million. OxyChem also exceeded guidance with pre-tax income of $304 million. Free cash flow before working capital was $1.5 billion. A press release dated November 12, 2024, was furnished as Exhibit 99.1.
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About Occidental Petroleum Corporation
Occidental Petroleum Corporation is a global energy producer, primarily focused on the exploration and production of oil and natural gas. Its operations span key regions such as the United States, the Middle East, and Latin America, contributing significantly to the energy supply chain. Aside from its core oil and gas activities, Occidental is actively engaged in chemical production through its subsidiary Occidental Chemical Corporation, which provides essential building blocks for a variety of industries, including agriculture, water treatment, and plastics. As a leader in its field, Occidental is committed to advancing sustainable and low-carbon energy solutions, notably through carbon capture and enhanced oil recovery techniques. The company plays a vital role in meeting global energy demands while striving to reduce environmental impact, thus positioning itself as a key player in the evolving energy landscape.
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