### Occidental Maintains Production Forecast Amid Midland and Delaware Transactions
Occidental Petroleum Corporation, based in Houston, continues to adhere to its production forecast for 2024 despite recent transactions involving the Midland and Delaware basins. Notably, the company has reported its highest production numbers in four years, buoyed by the integration of newly acquired assets from CrownRock LP in the Midland basin.
#### Production Numbers
For the three months ending June 30, Occidental averaged nearly 1,258,000 barrels of oil equivalent (boe) per day (boe/d). This figure represents an increase from the first quarter’s total of 1,172,000 boe/d and remains slightly above the midpoint of the guidance provided by CEO Vicki Hollub and her team earlier in the spring.
#### Efficiency Gains
Efficiency gains have been a significant factor in Occidental’s elevated production. CEO Vicki Hollub highlighted that the company has achieved cost savings of approximately 10% in unconventional well operations so far in 2024. These savings stem from reduced nonproductive time, increased fracturing efficiency, operational improvements, and facilities optimization.
“We anticipate further acceleration in time to market in the second half of the year,” Hollub noted during an August 8 conference call with analysts and investors.
#### Financial Performance
Occidental’s financial performance has also shown positive trends. The company posted a net profit of $992 million for the second quarter, up from $605 million in the same period the previous year. The oil and gas assets production segment contributed nearly $1.2 billion to the company’s income during the quarter. However, the chemicals business saw a decline in profits, with earnings dropping to $227 million from $337 million primarily due to economic instability in China.
#### Future Forecasts
Looking ahead to the third quarter, Occidental executives forecast total production to range between 1,370,000 boe/d and 1,410,000 boe/d