Occidental Petroleum said in its latest earnings report that production grew 15 percent to 565,000 boed (60 percent oil, 23 percent NGLs) in Permian Basin in 2022Q4 compared to the previous year. Oxy added 10 rigs in Permian Basin during 2022 and exited the year with 24 active rigs. And Oxy drilled its longest lateral ever at about 18,000 feet in 12 days in Midland Basin.
“Our fourth quarter of 2022 capped a year of strong results in which we set operational records across our U.S. onshore, Gulf of Mexico and international oil and gas businesses,” Vicki Hollub, president and CEO, said Feb. 28.
Oxy also said it delivered record productivity from Delaware Basin in 2022 – averaging 30-day rates of more than 3,000 boed from 191 wells brought online during the year. One well set a record for first-year cumulative production. Hollub said the achievements were made possible by application of the company’s proprietary service modeling, completion designs and high-quality reservoirs. She added, “With the depth and quality of our shale-well inventory and two billion barrels of remaining potential in our Permian enhanced oil recovery business, we have the scale to continue our history of reserves replacement.”