Oxy raises 2023 output guidance, says Q1 US Gulf output highest in a decade

摘要

An outsized performance in the US Gulf of Mexico in firstquarter 2023 and production growth that was sufficiently strong enough to prompt the company to raise its 2023 output guidance by a little over 1, weren’t strong enough to allay investor concerns May 10 over a potential drop in Q2 guidance. Oxy’s shares fell over the trading day to close at $56.84, down $2.12 or 3.6. Higher up-time during Q1 at the Horn Mountain facility at the US Gulf caused Oxy to achieve its highest quarterly production in that operating arena in over a decade, although output will drop comparatively in Q2, Oxy’s CEO Vicki Hollub said during the company’s earnings conference call.