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    • It’s Time to Give Up on Occidental Petroleum

      It’s Time to Give Up on Occidental Petroleum

      Occidental Petroleum (NYSE:OXY) continues to follow the basic track of other oil stocks. In early June, I could understand investors taking a flyer on OXY stock. After all, initial concerns about the company's liquidity appear to be unfounded.Source: Pavel Kapysh / Shutterstock.com And so, in some ways, it makes sense that the stock would bounce off 18-year lows.Plus, oil stocks tend to move in rough tandem with their underlying commodity. But right now, it's hard to create a scenario in which demand for oil significantly increases. And that's why it's time for investors to get serious about the real opportunity that exists with OXY stock.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Where's the Demand?John Navin wrote an article for Forbes that noted the discrepancy in price movement between oil and oil stocks. Specifically oil stocks started to decline even as the price of oil continued to go up. If oil is going up, but oil stocks are not, what does that say? It says to Navin that investors are sensing that oil prices are going to undergo a correction. I agree with that analysis.And there are good reasons for that. * The 7 Best Stocks to Invest in Right Now Cruise lines won't be sailing until late fall. Green shoots in the airline industry have been mowed over by states pausing or reversing reopening plans.Many individuals are still working from home. The great American road trip also looks to be taking a vacation this year. Live sports may or may not be able to get going, but there won't be any fans in the stands to make those games a destination. Theme parks? Closed.And let's spin this forward. Harvard University has already announced that classes will be entirely virtual for the fall semester. Purdue University is requiring students to have a negative test for the virus before they come on campus. There is no consensus on whether primary and secondary schools will open in the fall. There sure looks like a lot less driving this fall.So again I ask you, where's the demand? Food and grocery delivery? Even Amazon (NASDAQ:AMZN) deliveries can't make up for that much demand destruction.Oh and don't forget that the market is amply supplied, so it's not like Occidental could drill its way out of this. But even if that was not the case, Occidental is too busy hoping the price of oil will stay high enough so it can sell some assets.However, if after all that you feel that I'm being too pessimistic in my outlook, there are other reasons to be concerned about OXY stock. Occidental Has Too Much DebtBack in March, I wrote about the perilous state of OXY stock. Back then, Occidental's CEO Vicki Hollub was saying that Occidental could break even if oil plunged into the low-$30 range. So with oil in the low-$40 range, it may seem like a great time to buy OXY stock.However, in June, I did my best to discourage investors from falling for that trick. With the price of oil climbing, I sounded an alarm from the company's CEO herself. To be as clear as I can, Hollub has said that paying down the debt from the company's $40 billion Anadarko deal will be the company's main priority. And with no dividend to speak of, there's simply no reason to own the stock.But who is buying?Sure enough, I see Occidental on the list of the top 100 stocks on Robinhood. It's becoming almost too easy to sleuth things like this out. But I think it's important not to buy a false narrative on oil demand. There simply is no there, there. Vote 'No' on OXY StockIn addition to the daily novel coronavirus case count, the United States is at the beginning of the end of President Donald Trump's four-year term. That means a presidential election is upon us in November. The bottom line is that there is no reason to think that oil prices will move higher in the short term. There's simply too much uncertainty.I know that at some point, oil will rally. Even with alternative energy becoming economically viable, the world will still need fossil fuels for some time. But if you must invest in oil stocks, there are far better options in the oil patch. It's time to end the speculation and simply move on from OXY stock.Chris Markoch is a freelance financial copywriter who has been covering the market for over five years. He has been writing for InvestorPlace since 2019. As of this writing, Chris Markoch did not hold a position in any of the aforementioned securities. More From InvestorPlace * Why Everyone Is Investing in 5G All WRONG * America's 1 Stock Picker Reveals His Next 1,000% Winner * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * Radical New Battery Could Dismantle Oil Markets The post It's Time to Give Up on Occidental Petroleum appeared first on InvestorPlace.

    • Reuters

      US STOCKS-Wall St set to fall as COVID-19 case tally hits another record

      Wall Street's main indexes were set to open lower on Friday on fears that a record increase in coronavirus cases could further delay the easing of restrictions, while taking a toll on Corporate America. "Investors are paying more attention to new case discovery than they are to the economic data and that is a pattern we've seen develop over the last two weeks," said Art Hogan, chief market strategist at National Securities in New York. A slate of economic data, including a record monthly payrolls addition, has pointed to a revival in business activity in June, fueling the U.S. stock market's stimulus-driven rally.

    • Reuters

      US STOCKS-Futures recede as COVID-19 case tally hits another record

      U.S. stock index futures slipped on Friday as a record increase in coronavirus cases raised fears of another hit to Corporate America with several states delaying the easing of business restrictions. S&P 500 e-minis were down 11.5 points, or 0.37% and Nasdaq 100 e-minis were down 21.75 points, or 0.2%.

    • Did Hedge Funds Make The Right Call On Occidental Petroleum Corporation (OXY) ?
      Insider Monkey

      Did Hedge Funds Make The Right Call On Occidental Petroleum Corporation (OXY) ?

      How do you pick the next stock to invest in? One way would be to spend days of research browsing through thousands of publicly traded companies. However, an easier way is to look at the stocks that smart money investors are collectively bullish on. Hedge funds and other institutional investors usually invest large amounts of […]

    • GlobeNewswire

      Occidental Announces Early Tender Results in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes

      HOUSTON, July 09, 2020 -- Occidental Petroleum Corporation (“Occidental”) (NYSE: OXY) today announced the early tender results of its offers to purchase for cash (collectively,.

    • GlobeNewswire

      Occidental to Announce Second Quarter Results Monday, August 10, 2020; Hold Conference Call Tuesday, August 11, 2020

      HOUSTON, July 09, 2020 -- Occidental Petroleum Corporation (NYSE:OXY) will announce its second quarter 2020 financial results after close of market on Monday, August 10, 2020,.

    • US Oil Imports Are Up In July: Why One Analyst Says Trend Unlikely To Continue

      US Oil Imports Are Up In July: Why One Analyst Says Trend Unlikely To Continue

      An unexpected surge in crude oil imports in July has pushed up U.S. commercial crude stocks this week.The high import volumes are unlikely to be sustained, according to Capital Economics.'Strong Rebound' In Net Imports Drives Stocks: The U.S. Energy Information Administration (EIA) weekly petroleum report released Wednesday estimates that crude oil in commercial storage rose by 5.7 million barrels last week."This was larger than the 2.1-million-barrel increase reported by the American Petroleum Institute yesterday [Tuesday] and was in sharp contrast to the 3.1-million-drop expected by analysts," says Capital Economics chief commodities analyst Caroline Bain.Imports will decline soon given the sharp drop in oil production outside the U.S. in recent months, she says."In a reversal of the trend a week earlier, a strong rebound in net imports was the main factor behind the rise in stocks."Analyst Eyes Saudi Arabian Backlog: The unloading of crude from Saudia Arabia has reportedly faced delays at U.S. ports, so the latest jump in imports is likely more about clearing a backlog than a sign of strong demand, according to Capital Economics."The narrowing of the Brent-WTI price spread may also have been weighing on exports and lifting imports," says Bain.Implied gasoline demand continued to recover, which is good news for oil prices, the analyst says."That said, given the re-imposition of virus-related restrictions in some southern states and California, gasoline demand may struggle to make further gains in the coming weeks." Related Links:USO Tanks After Oil ETF's Temporary Trading HaltOil Prices Rebound, Analyst Says Market Faces Tsunami Of SurplusSee more from Benzinga * Why Occidental Petroleum's Stock Is Trading Higher Today * BP Faces .5B Q2 Hit, Expects Lower Oil Prices * Oil Analyst Expects Deeper Deficit In Q3, Says Demand Will Not Fully Recover Until 2022(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    • GuruFocus.com

      US Indexes Close Lower Tuesday

      S&P; 500 down 1.08% Continue reading...

    • Reuters

      US STOCKS-Wall St headed lower after five-day run on fears over virus surge

      Wall Street's main indexes looked set to open lower on Tuesday following the benchmark S&P 500's longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide. Energy stocks including Occidental Petroleum Corp and Concho Resources dropped about 2% on worries over fuel demand. It looks like it will be a slight retracement of Monday and Thursday's impressive gains, said Ryan Giannotto, director of research at GraniteShares ETFs in New York.

    • Why Occidental Petroleum Stock Rocketed 41% in June
      Motley Fool

      Why Occidental Petroleum Stock Rocketed 41% in June

      Shares of Occidental Petroleum (NYSE: OXY) leaped 41.3% in June, according to data provided by S&P Global Market Intelligence. Occidental's stock started June on a high note. Two other factors added fuel to Occidental's rally last month.

    • Forget Occidental Petroleum, ConocoPhillips Is a Better Oil Producer Stock to Buy Right Now
      Motley Fool

      Forget Occidental Petroleum, ConocoPhillips Is a Better Oil Producer Stock to Buy Right Now

      The oil and gas sector is a volatile place right now. Here's what separates ConocoPhillips (NYSE: COP) from Occidental Petroleum (NYSE: OXY), and why ConocoPhillips is the better oil producer stock to buy right now. From wellhead to gas station, the oil business has seen its fair share of volatility over the past few decades.

    • GuruFocus.com

      US Indexes Close Higher to End the Shortened Week

      Nasdaq up 13.76% for the year Continue reading...

    • Reuters

      Wall Street sees Exxon paring asset values on weakening demand

      Exxon Mobil Corp assets are likely overvalued in light of weak oil-demand outlook, according to Wall Street analysts, and face write-downs as soon as this month. Oil producers BP Plc, Occidental Petroleum , and Royal Dutch Shell have cut billions of dollars off their assets in recent weeks. The oil industry "is clearly altering its view on the value of assets and we would not be surprised if Exxon followed suit," said Cowen analyst Jason Gabelman by email.

    • Occidental Petroleum Pays a High Price for Some Breathing Room on Its Debt
      Motley Fool

      Occidental Petroleum Pays a High Price for Some Breathing Room on Its Debt

      The financially challenged oil company sold $2 billion in high-yield bonds to help refinance some of its near-term debt maturities.

    • Occidental Petroleum (OXY) Gains But Lags Market: What You Should Know

      Occidental Petroleum (OXY) Gains But Lags Market: What You Should Know

      Occidental Petroleum (OXY) closed at $17.86 in the latest trading session, marking a +0.96% move from the prior day.

    • Occidental Plans to Issue Stock Warrants After Slashing Dividend

      Occidental Plans to Issue Stock Warrants After Slashing Dividend

      (Bloomberg) -- Occidental Petroleum Corp., the oil producer that earlier this year slashed its dividend to a penny per share, plans to issue roughly 113 million warrants to holders of its common shares.Investors will get an eighth of a warrant for every share held and each warrant will entitle them to purchase one share at $22, the Houston-based company said in a statement. The stock closed Friday at $17.69.The move won the support of one the company’s largest investor, Carl Icahn. “I am glad that at this juncture the entire board as well as management is committed to enhancing stockholder value, and I look forward to seeing the company’s continued progress in this area,” he said in a statement.Occidental cut its quarterly dividend in May to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to manage its debt load. The company outbid Chevron Corp. last year to buy Anadarko Petroleum Corp., adding some $40 billion of borrowing in the process.Also on Friday, Occidental sold $2 billion worth of high-yield bonds to push out its steep maturity wall.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Occidental Petroleum Sells $2 Billion in Debut Junk Bond Deal

      Occidental Petroleum Sells $2 Billion in Debut Junk Bond Deal

      (Bloomberg) -- Occidental Petroleum Corp. sold $2 billion of high-yield bonds Friday to help push out its steep maturity wall.The company issued unsecured bonds in three parts, including a $500 million five-year bond with a yield of 8%. It also priced a $500 million seven-year note at a yield of 8.5%, and a $1 billion 10-year bond with a yield of 8.875%, according to data complied by Bloomberg.Earlier on Friday, the company had garnered around $3 billion of orders for its inaugural junk bond sale, according to people with knowledge of the matter.Citigroup Inc. led the deal. Representatives for Citigroup and Occidental declined to comment.Occidental is using proceeds from the sale to buy back as much as $1.5 billion of bonds maturing in 2021 and 2022. The company is seeking to tame its balance sheet after it purchased Anadarko Petroleum Corp. last year in a transaction that saddled the company with around $40 billion of debt.Read more: Occidental plans first junk bond sale to fund debt buybacksSince then, oil prices have plunged as Covid-19 diminished global demand for the commodity. The pandemic added another strain to Occidental’s balance sheet, and the company lost its investment-grade credit ratings in March.Much of the company’s existing debt trades substantially below par, mirroring a broad slump in high-yield energy credit. The company’s $1.5 billion 3.5% bond due 2029 sunk 4 cents on the dollar Friday to trade at 74.5 cents, according to Trace.The new bonds mark the company’s first debt sale since it was cut to junk. Moody’s Investors Service downgraded the company another step on Thursday to Ba2, the second-highest speculative-grade rating, saying the acquisition debt continues to strain Occidental and its “prospects for near-term improvement remain uncertain.”Fitch Ratings upgraded the company one notch to an equivalent BB rating, and said the transaction should help Occidental confront its wall of upcoming maturities.(Updates with final bond pricing first and second paragraphs.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Oil Prices Fall Back Below $40 On New COVID Fears

      Oil Prices Fall Back Below $40 On New COVID Fears

      Oil prices have fallen below $40 as the second wave of COVID-19 hits the U.S. and fear of demand weakness increases

    • Oilprice.com

      Oil Crash Could Cost This Shale Giant Up To $9 Billion In Impairment Charges

      Occidental Petroleum expects to book after-tax impairments of up to US$9 billion of its oil and gas assets in the second quarter due to the collapse in oil prices earlier this year

    • Occidental Plans First Junk Bond Sale to Fund Debt Buybacks

      Occidental Plans First Junk Bond Sale to Fund Debt Buybacks

      (Bloomberg) -- Occidental Petroleum Corp. is selling new high-yield debt to fund its planned buyback of up to $1.5 billion of bonds maturing in the coming years as it seeks to tackle its wall of upcoming maturities.The Houston-based company is issuing five-, seven- and 10-year unsecured notes to fund its repurchase offer and refinance existing debt, according to a person familiar with the matter, who asked not to be named because the offering is private. Occidental said in a regulatory filing Thursday that it may take a $6 billion to $9 billion writedown in the second quarter as it deals with an expected long period of lower commodity prices due to the Covid-19 pandemic.Occidental has been under extreme pressure ever since outbidding Chevron Corp. to win the purchase of Anadarko Petroleum Corp. last year. The deal saddled Occidental with some $40 billion of debt that was looking hard to pay off even before Covid-19 wiped out global oil demand, sending crude prices plunging.Early price discussions for the five-year portion are for a yield in the high 7% area, according to other people familiar with the matter. The seven-year portion may be 50 basis points higher, and the 10-year note may add another 50 basis points, the people said. It’s the company’s first trip to the bond market since it lost its investment-grade credit ratings in March.Citigroup Inc. is leading the offerings, which may be sold as soon as Friday, the person said. Representatives for Occidental and Citigroup declined to comment.Occidental’s top repurchase priority is $1.25 billion of 4.10% floating-rate notes due in 2021, the company said in a statement Thursday. It’s offering holders $1,005 per $1,000 of bond principal turned in by the buyback’s July 9 early deadline.The company is also accepting another eight series of bonds that mature in 2021 and 2022. Holders of those notes could receive between $935 and $1,007.50 per $1,000 of principal if they meet the early deadline.The buyback’s final deadline, with less favorable terms for investors, is July 23 at 11:59 p.m. in New York.The crisis caused by the pandemic effectively froze the market for asset sales, a key plank in Chief Executive Officer Vicki Hollub’s plan to reduce debt.The company has gone from being a steady, diversified oil producer to a debt-laden, shale-focused driller that now has a market value of just $16.2 billion, less than half of the price it paid for Anadarko. It became part of a wave of so-called “fallen angels” after its credit ratings were cut to junk earlier this year. (Updates with writedown in second paragraph, bond price talks in fourth.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Occidental warns of up to $9 billion asset writedown on bleak oil price outlook

      Occidental warns of up to $9 billion asset writedown on bleak oil price outlook

      Occidental will once again pay Berkshire Hathaway Inc, which last year bought $10 billion worth of its preferred shares to help acquire Anadarko Petroleum, in stock dividend instead of cash on June 30. The beleaguered oil and gas producer has been struggling to deal with the nearly $40 billion of debt it took on to buy Permian focused rival Anadarko last year, an ill-timed bet on rising oil prices.

    • Occidental signals writedown of up to $9 billion on bleak oil price outlook

      Occidental signals writedown of up to $9 billion on bleak oil price outlook

      Occidental Petroleum Corp <OXY.N> will write down the value of its oil and gas properties by up to $9 billion this quarter and restructure some debts to avoid a possible default, the company said on Thursday. The U.S. oil producer is trying to shed nearly $40 billion in debt from its purchase of rival Anadarko Petroleum last year, an ill-timed bet on rising oil prices ahead of a historic market crash. The latest writedown stems from declining energy demand amid the COVID-19 pandemic and global glut that has oil trading 38% below what it cost in January.

    • Ovintiv Sees 650 Job Cuts in Canada & US Amid Weak Oil Demand

      Ovintiv Sees 650 Job Cuts in Canada & US Amid Weak Oil Demand

      Ovintiv's (OVV) total workforce post redundancy is slimmed down to 2,100 with 1,900 employees and 200 contractors.

    • Why Big Oil Won’t Be Buying Up Struggling Companies

      Why Big Oil Won’t Be Buying Up Struggling Companies

      While oil price downturns typically create the perfect environment for major mergers and acquisitions, this time may be different