Houston-based Occidental Petroleum said in its fourth quarter earnings report that it forecasts 2023 production in Permian Basin of 560,000 to 590,000 boed – in line with the late 2022 rate of 565,000 boed. Oxy is targeting capital expenses in 2023 of $5.2 billion to $5.6 billion – up from $4.5 billion in 2022 and $2.9 billion in 2021. Vicki Hollub, president and CEO, said Feb. 28 Oxy will focus on “promoting additional capital efficiency” in Permian Basin, pay down debt and return capital to investors.
Oxy also said it is delaying expected completion and launch of its first direct air capture plant in Ector County by several months. The DAC plant is expected to complete commissioning in late 2024 and begin full operations by mid-2025.
