Occidental Petroleum’s 3Q17 operational performance
For 3Q17, Occidental Petroleum (OXY) reported total production (USO) (UNG) of 600 Mboepd (thousand barrels of oil equivalent per day), which is at the lower end of its 3Q17 production guidance range of 600–610 Mboepd.
Occidental Petroleum’s production from all of its operations was included in its 3Q17 production guidance and reported production.
Occidental Petroleum’s production growth
Occidental Petroleum’s (OXY) 3Q17 production was ~1% lower than its 3Q16 production of 605 Mboepd. Sequentially, Occidental Petroleum’s 3Q17 production was marginally lower than its 2Q17 production of 601 Mboepd.
Occidental Petroleum’s recently acquired Permian Resources and Permian EOR (enhanced oil recovery) operations reported sequential growth in 3Q17. Sequentially, OXY’s Permian production has risen 1 Mboepd to 139 Mboepd in 3Q17 over 2Q17.
OXY’s Permian EOR production has increased by 7 Mboepd to 153 Mboepd in 3Q17 over 2Q17. Oil and gas producers Energen (EGN), Diamondback Energy (FANG), RSP Permian (RSPP), and Encana (ECA) are also active in the Permian Basin.
Occidental Petroleum’s continuing operations
On continuing operations basis, Occidental Petroleum’s core (or ongoing) assets produced 600 Mboepd in 3Q17, which was ~4% higher than its OXY’s 3Q16 production of 579 Mboepd from ongoing assets.
Occidental Petroleum’s core operations exclude assets that it either divested, exited, or is in the process of exiting. These assets include its Williston Basin assets (sold in 4Q15) and Piceance Basin assets (sold in 1Q16) in the US and Iraq. These assets also include Yemen, Bahrain, and Libya in the Middle East and North Africa.
This leaves the following core assets for OXY: Abu Dhabi, Oman, and Qatar in the Middle East; Colombia in South America; and the Permian Basin and South Texas in the US.
For 4Q17, Occidental Petroleum expects total production of 633–641 Mboepd, ~5% higher than its 3Q16 production of 607 Mboepd. For 4Q17, Occidental Petroleum expects production from its Permian Resources of 156–170 Mboepd.
For fiscal 2017, OXY expects total production volume of 597–599 Mboepd.