...Anchor Position in Permian: The Permian is OXY's key asset and its main future growth driver. OXY is the largest single producer in the Permian, with Permian production that totaled 12% of the basin's oil production in 2016 and a large land position of 2.5 million acres. The business is divided into Permian Enhanced Oil Recovery (EOR) and the faster- growing Permian Resources. Permian Resources remains the company's key growth plank, given the opportunities for further efficiency gains in horizontal drilling. In terms of land, 1.4 million acres were held at Resources, including a subset of 650,000 higher value acres within the Delaware and Midland basins, with the rest held at EOR. At YE2016, OXY had an inventory of 11,650 total horizontal drilling locations, including approximately 2,900 locations with a full cycle BE below $50, comprising a 16-year inventory under a 10 rig program. The average well completion in the Permian Resources portfolio in 1H17 was 7,400 feet, suggesting that there...
