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Occidental Petroleum Corporation (NYSE:OXY) on Monday provided a summary of factors that management believes will impact the company’s financial results for the second quarter of 2025. The information was disclosed in a press release statement furnished as Exhibit 99.1 to the company’s Form 8-K, filed with the Securities and Exchange Commission.
According to the filing, the summary of earnings considerations outlines details that may affect Occidental’s operations and financial condition for the reporting period. The company indicated that these considerations are intended to inform investors ahead of its full second quarter results.
No specific financial figures or detailed performance metrics were included in the 8-K filing. Occidental noted that the information provided in the report and its accompanying exhibit is not considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be incorporated by reference into any of the company’s other filings, unless specifically stated.
Occidental Petroleum’s common stock and warrants to purchase common stock are listed on the New York Stock Exchange under the symbols (NYSE:OXY) and (NYSE:OXY) WS, respectively.
The company’s update was signed by Christopher O. Champion, Vice President, Chief Accounting Officer and Controller. This article is based on a press release statement contained in the company’s SEC filing.
In other recent news, Occidental Petroleum reported first-quarter 2025 earnings that surpassed analyst expectations, with adjusted earnings per share of $0.87 compared to the forecasted $0.69. The company’s revenue also exceeded projections, reaching $6.84 billion against the expected $6.71 billion. Additionally, Occidental and its subsidiary 1PointFive entered a strategic agreement with XRG, the investment arm of ADNOC, to explore a joint venture for a Direct Air Capture facility in South Texas. This proposed facility aims to capture 500,000 tonnes of carbon dioxide annually. Meanwhile, JPMorgan adjusted its price target on Occidental shares from $52.00 to $47.00, maintaining a Neutral rating, citing the company’s cost reduction efforts amid challenging oil price conditions. Occidental announced a 15% reduction in drilling cycle times in the Permian Basin and a 10% drop in well costs year-over-year. The company is also negotiating to extend its Block 53 contract in Oman by 15 years, which could potentially enhance cash flow starting in 2025. Occidental’s strategic moves and financial performance reflect its efforts to navigate the current energy market landscape.
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