Summary by Futu AI
On February 14, 2024, Occidental Petroleum Corporation released its financial results for the fourth quarter of 2023. The company reported strong operational performance with operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion. Capital spending amounted to $1,544 million, and contributions from noncontrolling interest were $98 million, resulting in a quarterly free cash flow before working capital of $1.1 billion. Total company production exceeded guidance by 8 Mboed despite a third-party outage in the eastern Gulf of Mexico. OxyChem, the company's chemical subsidiary, reported pre-tax income of $250 million, surpassing guidance. Occidental announced a 22% increase in its quarterly dividend to $0.22 per share and the acquisition of CrownRock, enhancing its U.S. onshore portfolio with assets in the Permian Basin...Show More