You go girl!
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RJ did a great job at the conference call. Way to go RJ.
@s8+1kz5a4hdp - That can be said about every oil company out there.
Remove the effect of oil prices and then make the judgement as to whether it was a good quarter or not. For sure the debt reduction will help in the future even if oil prices slide back.
Great qtr for sure!!
Looking at earnings, debt reduced but still not at $10B target. Closing in and I'd anticipate continued reductions. Reductions were spread across higher coupon rates so strategically allocated to maximize reduction of outgoing interest payments.
An additional 8% dividend increase announced over the existing Q1 8% increase to bring the dividend up to $0.28 per share.
A little debt retired, great cash flow, capital discipline in place, and dividend increase.
Exactly. You can’t just dump your product for below market. But you can give up some of those excessive profits so the government can use them for various purposes. It is a given that the increased tax on oil companies will not go to the poor under the current regime so that should make you all happy.
@ed Clarifying as you may be unaware. First, crude is a commodity and is traded on the free market. We dont set the price. Second, as a public company, we have a fiduciary responsibilty to maximize shareholder value. You can debate on the execution of that, but something as negative to that responsibility as selling your product at discount rates to make the president happy doesn't count. Public companies have been sued by shareholders for not having the appearance of trying to maximize value. Third, and this is a big one, Oxy does not sell refined petroleum products. No diesel, gasoline, jet fuel, etc. So, we can't really impact the price at the pump.
They might say it is time for a windfall profits tax. Washington is coming for your profits unless you reduce the price at the pump.
Record Profits.
$10 Billion debt limit reached or imminent.
Pivot to share repurchases.
Record profits.