Market Overview

Occidental Shares Higher as Cost Reduction Program 'Running Well Ahead of Plan'

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From an Occidental Petroleum (NYSE: OXY) 8-K Tuesday morning offering presentation slides:

"With regard to the reduction in our cash operating costs, we are running well ahead of plan. This should be noticeable in our 4Q12 resutls and become very visible by 1Q13.

"We expect to achieve a minimum of $300mm in reductions to our cash operating costs and as much as $450 mm in actual savings this year as compared to 2012.

"The savings should stem mainly from costs reductions in surface operations, curtailment of uneconomic down-hole maintenance, workover activity and related overhead."

 

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