Houston-based Occidental Petroleum said recently its 2024 production in Permian Basin will be flat after a 14 percent increase last year. Total production this year is forecast at 1.22 million-to-1.28 million boed (midpoint would be an increase of 2.2 percent from 2023). In 2023Q4 Occidental’s total production was 1.23 million boed, including 588,000 boed from Permian Basin.
Capital spending focus this year for Oxy will shift from shale and exploration projects to longer-term investments that will set Occidental up for production growth late this decade. Production in 1Q will decline and mark 2024’s low point. Total output is expected to be around 1.175 million boed before increasing in the spring.
Vicki Hollub, president and CEO, said Feb. 14, “Our teams performed exceptionally well during the fourth quarter of 2023, concluding another year of operational excellence across all three business segments.”