Occidental Petroleum Cuts Spending, Focuses on Key Regions
Update: 2025-11-11
Description
Occidental Petroleum, a major oil and gas producer, announced plans to maintain flat production in 2026 and cut spending, following a decline in crude oil prices. The company projects a 2% growth in production, mainly from Permian Basin operations, after reporting strong Q3 profits. Capital expenditure for 2026 is forecasted to be between $6.3B and $6.7B, a decrease from 2025. Occidental plans to invest in U.S. onshore operations, Gulf of Mexico, and Oman, while reducing funding for its low-carbon portfolio. The company remains committed to debt reduction and improving returns for shareholders.
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