All articles tagged with #occidental
Berkshire Hathaway, led by Warren Buffett, is set to acquire OxyChem for $9.7 billion, marking its largest deal in three years, with the purchase primarily aimed at reducing Occidental's debt and expanding its chemical business.
Occidental CEO Vicki Hollub predicts a supply shortage in the oil market by the end of 2025 due to the world's failure to replace current crude reserves quickly enough, with less than 50% of the oil produced over the last decade being replaced. Despite the current oversupply and low oil prices, she anticipates a flip in the supply-and-demand outlook by 2025, with OPEC forecasting global oil demand to outstrip production growth, potentially leading to a supply deficit unless production cuts are adjusted.
Offshore oil production in the Gulf of Mexico has been halted by a major oil spill, which is being described as the worst since the Deepwater Horizon disaster in 2010. The spill, caused by a subsea pipeline rupture, has resulted in the release of approximately 26,000 barrels of oil into the Gulf of Mexico near Louisiana. Companies such as Occidental, W&T Offshore, and Talos Energy have been forced to shut down about 62,000 barrels of daily oil production. The incident is under investigation, and production will remain halted until the source of the leak is identified and repairs are made. If confirmed, the spill would rank as the 11th largest oil spill in U.S. history.
BlackRock, the world's largest asset manager, is set to invest $550 million in Occidental Petroleum's direct air capture project, which aims to remove carbon dioxide from the atmosphere. The investment is part of BlackRock's commitment to sustainability and addressing climate change.