Oxy says output from Texas shale up, income down

Oxy says output from Texas shale up, income down
by Daniel J. Graeber
Los Angeles (UPI) Oct 23, 2014

ONEOK spends $800 million in move into Permian shale
Oklahoma City (UPI) Oct 28, 2014 - Oklahoma-based shale company ONEOK Partners said it gained a solid footprint in the Permian shale basin after buying pipeline and other assets from Chevron.

ONEOK Partners paid around $800 million to acquire roughly 2,600 miles of gas pipelines extending from the Permian basin in southeastern New Mexico and East Texas from Chevron Corp. affiliates.

ONEOK President and Chief Executive Officer Terry Spencer said the acquisition establishes his company as one of the prime players in the Permian shale.

"We are adding another rapidly growing producing region to our operating footprint," he said in a Monday statement.

ONEOK describes the Permian basin as the largest shale oil and natural gas basin of its kind in the United States, three times larger than the Bakken formation in North Dakota.

Occidental Petroleum Corp. said Thursday its quarterly production was boosted by Texas shale, but income was down for the third quarter.

Occidental, known commonly by its ticker symbol Oxy, said reported income for the third quarter was $1.2 billion, compared with $1.6 billion for third quarter 2013. The company blamed the decline in part on the drop in oil prices since the second quarter.

In terms of production, the company said output increased 20,000 barrels per day year-on-year.

"For the fifth consecutive quarter, we have delivered strong year-over-year domestic oil production growth, bolstered by strong results from Permian [shale] resources, which grew by over 26 percent," President and Chief Executive Officer Stephen Chazen said in a statement.

Aggregate production from the Permian basin increased 58 percent from 2007 to reach 1.35 million bpd last year, which represents 18 percent of total U.S. crude oil production.

Oxy subsidiary California Resources Corp. said Wednesday oil prices were in part responsible for the 20 percent decline in net income from third quarter 2013. It posted a record, however, with 100,000 bpd during the latest quarter.

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