Occidental Petroleum Corporation. (NYSE:OXY) Q1 2024 Earnings Conference Call May 8, 2024 1:00 PM ET

Company Participants

Jordan Tanner - Vice President, Investor Relations
Vicki Hollub - President and CEO
Sunil Mathew - Senior Vice President and CFO
Richard Jackson - President, Operations, U.S. Onshore Resources and Carbon Management
Ken Dillon - Senior Vice President and President, International Oil and Gas Operations

Conference Call Participants

Roger Read - Wells Fargo
Paul Cheng - Scotiabank
Neil Mehta - Goldman Sachs
John Royall - JPMorgan
Neal Dingmann - Truist
Scott Gruber - Citigroup
Nitin Kumar - Mizuho
David Deckelbaum - TD Cowen

Operator

Good afternoon. And welcome to Occidental’s First Quarter 2024 Earnings Conference Call. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions]

Please note, this event is being recorded. I would now like to turn the conference over to Jordan Tanner, Vice President of Investor Relations. Please go ahead.

Jordan Tanner

Thank you, Drew. Good afternoon, everyone. And thank you for participating in Occidental’s first quarter 2024 earnings conference call. On the call with us today are Vicki Hollub, President and Chief Executive Officer; Sunil Mathew, Senior Vice President and Chief Financial Officer; Richard Jackson, President Operations, U.S. Onshore Resources and Carbon Management; and Ken Dillon, Senior Vice President and President, International Oil and Gas Operations.

This afternoon, we will refer to slides available on the Investor section of our website. The presentation includes a cautionary statement on slide two regarding forward-looking statements that will be made on the call this afternoon. We’ll also reference a few non-GAAP financial measures today. Reconciliations to the nearest corresponding GAAP measure can be found in the schedules for our earnings release and on our website.

I’ll now turn the call over to Vicki.

Vicki Hollub

Thank you, Jordan, and good afternoon, everyone. I'm pleased to report on a strong start to 2024 driven by our persistent focus on operational execution. As we will detail in today's call, our oil and gas business delivered robust production results, essentially offsetting an extended third-party outage, while our Midstream and OxyChem businesses outperformed our first quarter guidance.

Today, I'll start by discussing our first quarter performance, including highlighting our Delaware appraisal success and its contribution to Permian's development runway. Then I'll discuss what's on the horizon for Oxy and how these initiatives are expected to generate significant value for our shareholders.