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OCCIDENTAL PETROLEUM CORPOCCIDENTAL PETROLEUM CORPOCCIDENTAL PETROLEUM CORP

OCCIDENTAL PETROLEUM CORP

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OXYP trade ideas

$OXY An Oversold Risk/Reward Play$OXY has caught our attention as it is bouncing off trendline support. Today the company put our an operational update. Occidental Petroleum Corporation (NYSE: OXY) announced today a further reduction in 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, a midpoint reduction of 47 percent. At current commodity prices, 2020 annual production from continuing operations is expected to be 1,275,000 to 1,305,000 BOEPD, a reduction of 6 percent compared to prior guidance of 1,360,000 to 1,390,000 BOEPD. The Company also announced it will reduce 2020 operating and corporate costs by at least $600 million compared to the original 2020 plan, including significant salary reductions for executive leadership. These cost reductions are in addition to previously announced operating and overhead synergies of $1.1 billion that are expected to be fully realized in 2020. The combination of synergy realizations and additional cost reductions is expected to reduce SG&A, Other Operating Expense, and Exploration Overhead to approximately $500 million on a future quarterly run-rate basis. Operating cost reductions are expected to lower 2020 domestic operating costs to approximately $7.00 per BOE. "We are making solid progress with additional cost reductions to help withstand the low commodity price environment and other macroeconomic pressures impacting our industry and the global economy," said President and Chief Executive Officer Vicki Hollub. "Based on our team's recent efforts, we now expect to significantly lower our costs in all aspects of the business. We will continue to take actions as necessary to further strengthen our balance sheet and ensure the long-term viability of our business." As always, trade with caution and good luck to all!
NYSE:OXYLong
by InsiderFinancial
Oil ComparisonsOXY has the majority of its EV tied up in oil/gas and with the recent OPEC fallout it may make sense as a long. More research on extraction costs should probably be done because there may be a serious problem for the firm if oil prices are kept low and operations are not profitable. A minor portion of noncurrent assets is in chemicals and marketing but not enough to say it will determine where the firm will go in terms of price. Carl Icahn increased his stake to 10% but this may have been more of averaging down his position since he originally entered near ~$60 a share or in that region so buying in at around $14 a share would mean more control in the firm for less of an investment. Short term I expect dividends to be slashed, I will be very surprised if they post net profit at the next earnings as the oil price shock should have killed their margins. Intermediate to long term, potentially an acquisition target for and XOM or CVX (my guess is CVX because of the Andarko swipe) but it's hard for me to see what else bad can come out for the firm. Oil prices being slashed is likely the worst possible thing and with the coronavirus disrupting trade it really makes sense for OPEC to collude in order to fund government aid. Saudi Arabia/Russia don't have too much of a problem with the outbreak but with decreases in travel and commerce due to governmental bans externalities may force both back to the table. Or at the least create a stronger incentive for collusion as both will have a need to financing
NYSE:OXYLong
by jamesggentis
A massive opportunity with Occidental PetroleumFundamentals got dented since last time I looked at this stock; however, I believe there is just a massive buying opportunity here. I am damn proud of how I labelled the structure. The count is hot from the press, and I did not sit on it, so further updates and fine-tuning is possible. Please do shout if you see that I violated any EW rule. Always helpful. Your occasional comments, alternative views about EW technique is the way I learn.
NYSE:OXYLong
by Fomenka
4
Occidental Petroleum Corp. Oversold Bounce Potential $oxy Average analysts price target $48 overweight Yield 9.65% Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil & Gas, Chemical and Midstream & Marketing. The Oil & Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream & Marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, natural gas liquids, natural gas, carbon dioxide and power. It also trades around its assets, including transportation and storage capacity. The company was founded in 1920 and is headquartered in Houston, TX.
NYSE:OXYLong
by Bullishcharts
Signs of reversalsTaking a look at this down trending stock we can see that each lower low becomes less and less with the macd histogram becoming progressively smaller. If we take a look at the RSI it is bullishly diverging a lot as notes by the higher lows on the rsi and the lower lows on the price action. If we take a look at the pattern that it is forming it seems to be a falling wedge so a break out may be soon, especially if a some good new for oil comes to mind. Moreover Warren buffet purchased shares of this company at a much higher price, so while I lack in my ability for fundamental analysis, I think that buying a shares cheaper than Berkshire Hathaway, who are expert investors would be a be plus as well.
NYSE:OXYLong
by gNnairdA