US independent Occidental’s global production increased by 13% year-on-year to 1.22mn boe/d in Q1 driven by gains across its portfolio. However, declining oil and gas prices meant that net income of $983mn was the lowest since 3Q 2021.

The firm was keen to point to its strong production figures on its Q1 earnings call on 10 May with CEO Vicki Hollub telling investors that “operationally, we exceeded our production guidance midpoint by approximately 40,000 boe/d following a prolific first quarter across our premier asset portfolio.” (CONTINUED - 920 WORDS)