Occidental keeps oil production guidance despite Permian reductions

2022.08.03 22:22

FILE PHOTO: Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo

By Sabrina Valle

HOUSTON (Reuters) – Occidental Petroleum Corp (NYSE:OXY) is keeping its total 2022 production guidance at around 1.55 million barrels of oil equivalent per day (boed) despite target reductions in the U.S. Permian basin, Chief Executive Vicki Hollub said on Wednesday.

Occidental reduced its 2022 production outlook in the Permian basin to between 516,000 and 526,000 boed, from 527,000 to 537,000 boed projected in May.

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