Oxy’s 2016 capital program expected at ‘no more than $3 billion’

Occidental Petroleum Corp., Houston, said on Feb. 4 that its 2016 capital program is expected to be “no more than $3 billion with production growth of [2-4%] from ongoing operations.”

Occidental Petroleum Corp., Houston, said on Feb. 4 that its 2016 capital program is expected to be “no more than $3 billion with production growth of [2-4%] from ongoing operations.”

In comparison, total company capital expenditures for the first 6 months of 2015 were $3.2 billion.

It also reported a 2015 net loss of $7.83 billion, compared with earnings of $616 million in 2014. Fourth quarter saw a net loss of $5.18 billion, more than the $3.4 billion reported in fourth-quarter 2014.

Companywide oil and gas production volumes in 2015, excluding divested Bakken shale assets (OGJ Online, Oct. 29, 2015), totaled 652,000 boe/d, up from 571,000 boe/d in 2014.

For the fourth quarter, production volumes, excluding the divested assets, were 671,000 boe/d, down slightly from 672,000 boe/d in the third quarter but up from 596,000 boe/d in fourth-quarter 2014.

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