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OXY-OCCIDENTAL PETROLEUM CORP

Occidental Petroleum Boosts Cash Flow and Reduces Debt Despite Market Challenges, Reports Strong Q3 Profits

Monday

18 November, 2024

Despite facing market challenges, Occidental Petroleum has reported impressive Q3 profits, driven by a strategic acquisition and significant cash flow generation. With a focus on debt reduction and increased production, can this oil giant turn the tide in a fluctuating market?

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77
Key Takeaways
  • Occidental Petroleum has demonstrated strong financial results, achieving an adjusted net income of $977 million in Q3.
  • The acquisition of CrownRock has significantly increased production capacity to 1.4 million barrels of oil equivalent daily.
  • The company is actively improving its financial health by reducing debt, having paid off $4 billion.
  • Analysts project a fair value of $62 per share, suggesting room for growth.
  • With enhanced production guidance and a focus on cash flow, Occidental is poised for future success.
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