- Occidental Petroleum (OXY +1.4%) is higher after reporting a larger than expected Q4 loss but slightly more production on a sequential basis for the first time in more than a year.
- OXY says Q4 production fell 11% Y/Y to 607K boe/day but inched forward from 605K boe/day in the previous quarter.
- OXY says its Q4 total operating costs per boe rose nearly 19% Y/Y but fell 25% in the Permian Basin, the focus of its oil and gas operations.
- OXY also reports nearly 190% reserve replacement in 2016 at a finding and development cost of $9.65/boe, and replaced 210% of Permian Basin production at a historically low finding and development cost of less than $9/boe.
- The company says it plans to spend $3B-$3.6B in 2017, lower than a $3.3B-$3.8B estimate provided in November and less than $3B spent in 2016.