Quarterly / Earnings Reports | Second Quarter (2Q) Update | Key Wells | Capital Markets | Drilling Activity | Capex Increase | Capital Expenditure - 2018
Oxy Boosts 2018 Budget +28% to $5.0B, Making Room for More Permian Activity
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Oxy reported its Q2 2018 results.
Oxy Boosts Budget to $5.0 Billion
The company has updated its 2018 capital program, including a +28% boost to its budget (predominantly for Permian spending - which has been increased by nearly $1 billion):
Returning to Permian 'Turkey Track'
Latest Permian Well Results
Production Highlights:
- Q2 production of 639 MBOE (up +5% from 1Q18 and up +6% YOY)
- Permian Resources average daily production volumes improved from the prior quarter by 24,000 BOE, or 14%, to 201,000 BOE in the second quarter of 2018, due to improved well performance. Compared to the second quarter of 2017, Permian Resources production increased by 46%.
- International average daily volumes increased by 8,000 BOE in the second quarter of 2018, compared to the first quarter of 2018, due to the successful completion of planned maintenance activities at Al Hosn Gas and Dolphin.
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