Occidental Petroleum Corp.

Strong First Quarter Performance: Occidental Petroleum generated $3 billion in operating cash flow, producing over 1.39 million barrels of oil equivalent (BOE) per day, meeting production guidance. Operating costs in the domestic oil and gas segment were significantly lower than expected at $9.05 per BOE.

Strategic Cost and Capital Optimization: The company has successfully reduced capital expenditures (CapEx) guidance by $200 million for the year, leveraging operational efficiencies in the Permian Basin and Gulf of America projects. Additionally, operating expenses (OpEx) are now guided down to $8.65 per BOE, reflecting ongoing efforts to manage costs effectively.

Oman Contract Extension and Discoveries: Occidental is in advanced negotiations to extend its Block 53 contract in Oman until 2050, potentially unlocking over 800 million gross barrels of additional resources. Furthermore, a recent gas and condensate discovery in North Oman shows promise for future production enhancements.