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4-Traders Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

OCCIDENTAL PETROLEUM CORPORATION (OXY)
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Delayed Quote. Delayed  - 02/23 10:02:13 pm
68.32 USD   +0.59%
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Occidental Petroleum Corporation : Occidental Strikes Deal with Qatar Petroleum to Invest in Offshore Qatar

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07/15/2013 | 03:00pm CET
   By Saabira Chaudhuri 
 

Occidental Petroleum Corp. (>> Occidental Petroleum Corporation) has struck an agreement with Qatar Petroleum to invest what will likely amount to more than $3 billion to develop the Idd El Shargi North Dome Field in offshore Qatar.

The exploration and production company said the Phase 5 Field Development Plan has been jointly prepared by Oxy Qatar and Qatar Petroleum as part of the continued development of the Idd El Shargi North Dome under the development and production sharing agreement between the Government of the State of Qatar and Oxy Qatar, which was struck in July 1994.

The company said the work has already begun and will continue to sustain oil production levels at about 100,000 barrels/day through the next six years.

It said the Phase 5 field development plan includes specific activities identified from upgraded reservoir simulation models to implement and/or improve water-flooding practices in all oil producing reservoirs. The plan includes drilling more than 200 additional production, water injection and water source wells, plus the installation of associated facilities required to support the additional wells.

Occidental noted that added facilities will include minimum facilities platforms, wellhead jackets, fluid processing equipment and pipeline debottlenecking and water source projects.

Oxy Qatar also operates the Idd El Shargi South Dome Field (ISSD) and the Al Rayyan Field in Block 12, and is a partner in Dolphin Energy.

Occidental, based in Los Angeles, is one of the largest U.S. oil and gas companies based on market capitalization. Its heavy investment in the U.S.--in California, Texas and the interior of the country--has boosted production in recent periods, and has led to strong results in its chemicals business, though the company has also had to combat falling oil and natural-gas prices.

In April, Occidental Petroleum reported that its first-quarter profit shrank 13% as the energy producer's revenue was weakened by softer prices for crude oil and natural-gas liquids.

Shares closed Friday at $90.22 and were inactive premarket. The stock has risen 18% so far this year.

Write to Saabira Chaudhuri at [email protected]

Stocks mentioned in the article : Occidental Petroleum Corporation
Stocks mentioned in the article
ChangeLast1st jan.
OCCIDENTAL PETROLEUM CORPORATION 0.59% 68.32 Delayed Quote.-7.79%
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Financials ($)
Sales 2018 14 918 M
EBIT 2018 3 320 M
Net income 2018 1 897 M
Debt 2018 7 973 M
Yield 2018 4,59%
P/E ratio 2018 26,78
P/E ratio 2019 26,72
EV / Sales 2018 3,98x
EV / Sales 2019 3,79x
Capitalization 51 432 M
Chart OCCIDENTAL PETROLEUM CORPO
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Occidental Petroleum Corpo Technical Analysis Chart | OXY | US6745991058 | 4-Traders
Technical analysis trends OCCIDENTAL PETROLEUM CORPO
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 78,2 $
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Eugene L. Batchelder Independent Chairman
Cedric W. Burgher Chief Financial Officer
John E. Feick Independent Director
E. Spencer Abraham Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
OCCIDENTAL PETROLEUM CORPORATION-7.79%51 432
CNOOC LTD2.85%66 461
CONOCOPHILLIPS-2.08%64 259
EOG RESOURCES-1.95%61 181
CANADIAN NATURAL RESOURCES LIMITED-8.31%37 930
WILLIAMS PARTNERS LP-1.88%37 648