6915 search
Occidental Petroleum Corp.
Nasdaq OXY 48,17 US$ -19,34%
Logo

Occidental Petroleum’s Production Guidance for 4Q15

Publié le 29 janvier 2016

Analysts Expect Occidental Petroleum Shares to Fall in 4Q15

(Continued from Prior Part)

Occidental Petroleum’s production guidance

For 4Q15, Occidental Petroleum (OXY) expects worldwide total production of 62.1–63.9 million boe (barrels of oil equivalent), or 675,000–695,000 boe per day. The midpoint of the 4Q15 production guidance is ~63 million boe, or 685,000 boe per day, which is ~0.56% lower when compared with 3Q15.

For 4Q15, OXY expects US production of 310,000–320,000 boe per day and international production of 365,000–375,000 boe per day.

For 2015, OXY expects worldwide total production to average 660,000–670,000 boe per day. OXY is expecting 2015 growth to come mainly from the Permian Basin, which is its main focus area, and Al Hosn in the United Arab Emirates.

Due to efficiency gains and drilling higher EUR (estimated ultimate recovery) wells in the Permian Basin, OXY now expects to deliver 4Q15 forecast growth. It planned to do this by using fewer rigs and less total online well count of 48 compared to total producing well count of 54 in 3Q15.

Upstream player Noble Energy (NBL) is expecting a ~4% QoQ (quarter-over-quarter) increase in its 4Q15 total production. EOG Resources (EOG) and Murphy Oil (MUR) are expected to report ~1% and ~4% QoQ decline, respectively, in their 4Q15 total productions.

The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) generally invests at least 80% of its total assets in oil and gas exploration companies.

OXY’s capex guidance

OXY’s total capex (capital expenditure) in 2015 is expected to be ~$5.8 billion, a reduction of 21% from its capex of ~$7.4 billion in 2014.

OXY’s divestments

In the 3Q15 earnings conference call, OXY’s management said that it reached an agreement to divest less productive assets in the Williston Basin, which is expected to close in 4Q15.

The fourth quarter is expected to mark OXY’s exit from non-core areas such as Iraq so it can create more focused domestic oil and gas organization.

For 4Q15, OXY is expecting net cash proceeds from asset sales to be ~$650 million dollars.

Continue to Next Part

Browse this series on Market Realist:

Les autres articles de la compagnie
Exxon is 'Starting to Look Relatively Expensive,' and Other
Oil and Gas Stalwarts for Unsteady Times -- Plus Jim Cramer'
Does Big Oil Have These 3 Top Energy Companies in Their Sigh
Occidental Petroleum (OXY) Stock Declined Alongside Oil Pric
[$$] Investors Gain Greater Clout Over Boards
Articles en illimité et contenus premium Je m'abonne
Editoriaux
et Nouvelles
Actions
Minières
Or et
Argent
Marchés La Cote
search 6915
search