Houston-based Occidential Petroleum said Nov. 8 that production in Permian Basin increased in 2022Q3 to 523,000 boed from 499,000 boed in 2021Q3. Oxy topped midpoint of guidance for Q3 with 1.18 million boed. Vicki Hollub, president and CEO, said Oxy expects Q4 production of 1.2 million to 1.26 million boed with the Permian Basin accounting for most of that growth by increasing to 556,000 to 590,000 boed. She said production in 2023 will not change significantly because Oxy will shift use of cash toward shareholder returns and because its oil operations will prioritize developing higher-quality wells over sheer numbers. “If growth is an outcome,” she said, “it’ll be somewhere in the neighborhood of one percent or less… Growth is not our target.”
