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Fly News Breaks for June 24, 2019
APC, OXY
Jun 24, 2019 | 07:40 EDT
As previously reported, Morgan Stanley downgraded Occidental Petroleum (OXY) to Equal Weight from Overweight. Analyst Devin McDermott believes covering the 2020 dividend at current oil prices will require meaningful capital expenditure cuts, even though the Anadarko (APC) deal looks accretive to cash flow. Oil price volatility presents a key risk given that the company's pro forma leverage is among the highest of any company he covers, said McDermott, who cut his price target on Occidental shares to $55 from $69.
News For OXY;APC From the Last 2 Days
OXY
Nov 30, 2022 | 07:11 EST
Enbridge (ENB) and Oxy Low Carbon Ventures, a subsidiary of Occidental (OXY), announced that the parties intend to work towards jointly developing a carbon dioxide sequestration hub in the Corpus Christi area of the Texas Gulf Coast. Enbridge and OLCV signed a letter of intent to explore this joint project, which would provide a complete CO2 solution for area emitters through the development of a pipeline transportation system and sequestration facility. Enbridge and OLCV would leverage each company's strengths to advance the development of a sequestration hub and associated transportation infrastructure. Enbridge would develop, construct, and operate the pipeline facilities and OLCV would develop, construct, and operate the sequestration facilities. The hub is expected to provide CO2 solutions for Enbridge's proposed facilities as well as other point source emitters in the Corpus Christi area. Enbridge and OLCV would jointly market the CO2 pipeline transportation and sequestration services to other third-party CO2 point source emitters in the Ingleside and Corpus Christi areas.