Occidental Petroleum Corp Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Vicki and the team, with the improvement that you're seeing in DJ, what should we expect from the activity and the production trajectory for the next several years? I mean, in the past that I think with the limitation on the inventory or there maybe concern about regulatory, that production for you has been on the decline. Should we assume that the decline will continue, but at a slower pace or that you think you may be able to do better than that? That's the first question.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Rich, can we assume that that's the minimum that you will be able to do for the next several years that led to maybe modest growth? Richard A. Jackson - Occidental Petroleum Corporation - Senior VP and President of Operations - U.S. Onshore Resources & Carbon Management Look, the teams have continued -- we challenge everybody, but I think the Rockies team has really done a great job on this. Getting upfront in terms of land development, permits, really getting the midstream position in place to be able to do more. But again, it needs to fit our capital allocation. So they do high returns even at lower gas prices. These are very competitive returns. I would call them a bit longer cycle than the, say, the Delaware in Texas, but they also have a bit lower decline. And so for us, they fit really well. We'll have capability to do more, but it really needs to fit the sort of cash flow outcome that the company needs as we put capital together for next year. But we can do more as that fits.