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OXY-OCCIDENTAL PETROLEUM CORP

Occidental Petroleum Surpasses Q3 Expectations with Strong Profits and Strategic Debt Reduction Amid Market Challenges

Tuesday

19 November, 2024

Occidental Petroleum has showcased remarkable resilience, posting a robust adjusted net income of $977 million in Q3, driven by strategic debt reduction and increased production. With a fair value estimate of $62 per share, can this strong performance turn the tide for investors amid ongoing market challenges?

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Key Takeaways
  • Occidental Petroleum's third-quarter performance surpassed expectations with a net income of $977 million.
  • The acquisition of CrownRock has positively impacted the company's production levels.
  • A significant debt reduction of $4 billion has improved the company's financial stability.
  • Increased production in the Permian Basin supports a favorable growth trajectory.
  • Management's valuation of $62 per share indicates strong investment potential moving forward.
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