What is the operational status of Occidental's Gulf of Mexico assets after Hurricane Ida?

Occidental's Gulf of Mexico offshore platforms avoided direct storm damage. Three platforms have restarted production, three are ready to restart soon, and four remain shut-in pending assessment of third-party midstream and downstream infrastructure impacts. Full operational restoration timelines are currently uncertain due to these external dependencies.

How are Occidental's Chemical facilities in Louisiana affected by Hurricane Ida?

The company's Chemical facilities in Louisiana did not experience material storm-related damage and are in the process of restarting. However, due to widespread damage to Louisiana's power infrastructure, these facilities will likely operate at reduced capacity initially as utilities and third-party providers restore services.

When can investors expect full operational capacity to be restored in the Gulf of Mexico and Chemical segments?

Occidental has not provided a specific timeline for the full restoration of operations. The company is dependent on third-party infrastructure (midstream and downstream) for its Gulf of Mexico operations and on utilities and third-party providers for its Chemical facilities. The uncertainty surrounding these external factors makes it difficult to establish a firm restoration date.

Are there any safety concerns for Occidental employees or contractors?

Occidental has confirmed that all employees and contractors are safe following the storm, which is a primary concern addressed in the filing.

OXY/OXY-WT 8-K: Regulation FD

Summary

Occidental Petroleum Corporation (OXY) filed an 8-K on September 8, 2021, to provide an update on the impact of Hurricane Ida. The company reported that all employees and contractors are safe, and their Gulf of Mexico offshore platforms sustained no storm-related damage. While three platforms have restarted production and three more are ready to resume operations, four platforms remain shut-in due to potential impacts on third-party midstream and downstream infrastructure, preventing a timeline for full restoration of these operations. Additionally, OXY's Louisiana-based Chemical facilities experienced no material damage and are in the process of restarting, though they expect to operate at reduced capacity initially due to widespread power infrastructure damage in the region.

Key Highlights

1All employees and contractors are confirmed safe following Hurricane Ida.
2Gulf of Mexico offshore platforms did not suffer storm-related damage.
3Three Gulf of Mexico platforms have restarted production, with three more prepared to resume shortly.
4Four Gulf of Mexico platforms remain shut-in due to reliance on third-party infrastructure, delaying full operational restoration.
5Louisiana-based Chemical facilities sustained no material storm damage and are in the restart process.
6Chemical facilities are expected to operate at reduced capacity initially due to regional power grid issues.
7The company is working with partners and utilities, but timelines for full operational recovery are uncertain.

OCCIDENTAL PETROLEUM CORP /DE/ 8-K Report, Regulation FD Disclosure (Sep 8, 2021)

Summary

Key Highlights

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