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Occidental Petroleum faces challenges as U.S. oil rig counts drop by 69 to 414. Analysts predict a 300,000 barrels per day decline in onshore output for 2025.

Occidental Petroleum, in conjunction with ConocoPhillips and EOG Resources, projected a savings of over $1.2 billion in tax payments for 2025, attributed to new tax provisions in recent legislation.

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About Occidental Petroleum Corporation

Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids, and natural gas. The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil, condensate, natural gas liquids, natural gas, carbon dioxide, and power. The company was founded in 1920 and is headquartered in Houston, TX.

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