Occidental Petroleum commits to flat production and capital spending in 2027 while focusing on debt reduction.
Occidental Petroleum will hold production and capital expenditures steady at $5.9 billion in 2027. The company aims to maintain this level while continuing debt-reduction efforts, executives said during an earnings call.
The guidance follows a period of disciplined spending and aligns with prior commitments to financial prudence. Analysts had anticipated modest increases in capex, but the company reaffirmed its flat trajectory.
Shares showed limited reaction in after-hours trading as investors digested the long-term outlook.