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OXY

Occidental Petroleum

09:37
06/19/17
06/19
09:37
06/19/17
09:37

Occidental Petroleum announces purchase, sale transactions in Permian Basin

Occidental Petroleum announced that it has agreed to a number of purchase and sale transactions in the Permian Basin. On a combined basis, these transactions require no net cash outlay and add approximately 3,500 barrels of oil equivalent per day to the company's production. Occidental will reduce its Permian Resources position by 13,000 net acres, divesting non-strategic acreage in Andrews, Martin and Pecos Counties and adding incremental acreage to enhance a future core development area in Glasscock County. Occidental also agreed to increase its ownership interests and assume operatorship of a CO2 enhanced oil recovery property. The net Permian Resources transactions will generate proceeds of approximately $0.6B. The divested acres had no significant near-term development plans while the acquired acreage provides additional value within the future development area. The Permian EOR transaction included the acquisition of working interests in the Seminole-San Andres Unit, a premier CO2 flood, interests in the Seminole Gas Processing Plant, source fields at Bravo Dome Unit and West Bravo Dome Unit and the Sheep Mountain and Rosebud CO2 pipelines for $0.6B. Occidental has had an ownership interest in these EOR assets since 2000. Seminole-San Andres Unit will become Occidental's largest domestic oil producing EOR unit. All the transactions are expected to close by the third quarter.

  • 20

    Jun

  • 28

    Jun

OXY Occidental Petroleum

05/29/17
MUFG
05/29/17
INITIATION
Target $69
MUFG
Neutral
Occidental Petroleum initiated with a Neutral at MUFG
MUFG analyst Michael McAllister started Occidental Petroleum with a Neutral rating and $69 price target.
05/23/17
COWN
05/23/17
NO CHANGE
Target $80
COWN
Outperform
Occidental Petroleum Permian leadership remains unrecognized, says Cowen
Cowen analyst Charles Robertson said Occidental's technical leadership in the Permian is unrecognized, especially its technological initiatives in Big Data analytics, SL2, and subsurface characterization. The analyst believes Occidental has materially cut development and operating costs and is just getting started. Robertson reiterated his Outperform rating and $80 price target on Occidental Petroleum shares.
05/10/17
05/10/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Yelp (YELP) upgraded to Buy from Neutral at Goldman Sachs and to Market Perform from Underperform at Wells Fargo. 2. Coach (COH) upgraded to Buy from Neutral at Goldman Sachs with analyst Lindsay Drucker Mann saying after its acquisition of Kate Spade (KATE), Coach will be a "relative winner in handbags." 3. Lumber Liquidators (LL) upgraded to Outperform from Neutral at Wedbush with analyst Seth Basham saying that the company has stabilized and is poised to return to growth. 4. Occidental Petroleum (OXY) upgraded to Neutral from Underweight at JPMorgan with analyst Phil Gresh citing valuation with the shares. 5. Depomed (DEPO) upgraded to Neutral from Underweight at Piper Jaffray with analyst David Amsellem saying the multiple is now more appropriate following the post-earnings selloff. The analyst lowered his price target for the shares to $10 from $11. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/10/17
JPMS
05/10/17
UPGRADE
Target $67
JPMS
Neutral
Occidental Petroleum upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Phil Gresh upgraded Occidental Petroleum to Neutral citing valuation with the shares down 23% from the September peak. The analyst raised his price target for the shares to $67 from $66.

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