Houston-based Occidental Petroleum said last week its U.S. production growth in third quarter came predominately from Permian Basin. Oil production in 3Q in Permian increased to 422,000 barrels per day (with a record of 800,000 boed). Helping drive the Permian results was a 14 percent improvement from a year ago in shale well costs.
Occidental’s total 3Q production was 1.465 million boed for increases of almost 5 percent from 2Q and 4 percent from 2024Q3. U.S. oil production was 634,000 b/d – up 4 percent from a year ago – with 1.23 million boed.
Oxy said capital spending in 3Q was $1.8 billion on pace for $7.2 billion this year. Vicki Hollub, president and CEO, said Nov. 10 the company expects capex to decline to a range of $6.3 billion to $6.7 billion in 2026. Permian spending is expected at $400 million. Production growth of 2 percent is forecast next year. Oxy has divested petrochemical assets and is reducing spending to “focus on sustainable growth.”
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