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PS - Oxy slashes GOM capex by 60%, looks for cost reductions - June 2020
Occidental Petroleum’s Gulf of Mexico capex guidance was lowered to $200 million from $500 million originally. Overall guidance was cut by more than 50% to $2.4-2.6 billion. Oxy’s Q1 production from the GOM averaged 163,000 boe/d (83% oil), up 6% sequentially. After closing its acquisition of Anadarko Petroleum, Oxy said an 8-15% reduction in the cost of capital for the GOM assets was possible during 2020. Through the application of the company’s “Oxy Drilling......
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