Occidental Petroleum (OXY) CEO Vicki Holube speaks with Yahoo Finance's Julie Hyman as S&P Global's CERAWeek, the annual global energy conference focused on the industry's biggest goals and challenges, kicks off today. to discuss the company's goals following its acquisition of Crown Rock in December 2023.
Holub emphasizes that Occidental Petroleum's “significant position” in the Delaware Basin has allowed the oil giant to achieve “efficiencies” of scale while expanding to other drilling sites. He also said that Crown Rock inventory is “helping improve” Oxy's inventory, and that this synergy is helping to accelerate cash flow generation, which he described as “value acceleration” for shareholders. are doing. In the short term, the company plans to focus on paying down debt and eventually resume stock buybacks.
He emphasized that the company maintains a “very healthy repurchase program” because the stock is “very undervalued.”
Regarding Oxy's approach to carbon emissions, Holub said, “We know how carbon dioxide works,” emphasizing the company's familiarity with the gas. She highlighted the existing infrastructure to handle Occidental Petroleum's carbon emissions and the “difficult process” in persuading sites to install carbon capture equipment. But Hollub points out that carbon engineering technology, which can extract carbon from the atmosphere, was Occidental's “holy grail.” The technology allows the company to “control its own destiny” by bypassing the need for emitters.
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Editor's note: This article was written by angel smith
