Occidental Petroleum (OXY) Doesn’t Want To Focus On Increasing Production Volumes: What Happens To OXY?

Over the past 30 days, the OXY price has surged significantly, namely by 33%. Until September 20, the stock was trading between $ 24.89 and $ 25.25. Starting from September 21 to the present day, the worth tends to rise, by the time of writing it was $ 33.64, which is the annual maximum. Occidental Petroleum Corporation is involved in the acquisition, exploration, and development of oil and gas fields in the US, Middle East, Africa, and Latin America. Moreover, it’s one of the largest oil producers in the United States, including the leading producer in the Permian Sea Basins and the Gulf of Mexico shelf.

Instead of focusing on increasing the volume of production, Occidental is planning to raise margins and restore dividend payments to its shareholders. According to its CEO, by producing a lot of oil that is needed to meet demand more efficiently and with lower emissions, oil companies can best contribute to the energy transition. Occidental will announce its financial results for Q3 of 2021 after the market closes on Thursday, November 4, 2021.