Summary by Futu AI
Occidental Petroleum Corporation (Oxy) has reported its financial results for the fiscal year 2023. The company's operating cash flow before working capital was $11.648 billion, and after accounting for capital expenditures and contributions from noncontrolling interest, the free cash flow before working capital stood at $5.476 billion. Oxy's performance was influenced by various factors, including commodity price fluctuations, operational efficiencies, and strategic acquisitions. Notably, Oxy entered into an agreement to purchase CrownRock L.P. for approximately $12.0 billion, planning to finance the acquisition with new debt issuance, common equity, and the assumption of CrownRock's existing debt. The company also reported asset divestitures, including the sale of non-core proved and unproved properties in the Permian Basin, and completed the acquisition of...Show More