Occidental Petroleum Corp Q3 2020 Earnings Call Summary

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, just curious that you're talking about sustaining CapEx, $2.9 billion, and actual CapEx is going to be different based on the market conditions. Can you frame it for us that, say, if the oil prices is at a much higher level, what is the maximum ceiling of CapEx is going to look like and that, I guess, the minimum that if the oil price is really bad? And whether that the oil price is the only -- or that the strip price is the only factor that you look at or there are other fact that you're going to take that into consideration? And for Rob, along that line, your capital accrue is over $700 million in this year, the use of cash. How that is going to trend in the fourth quarter and more importantly, in 2021? In other words, the net investment, is that going to be much lower than what is your capital budget?

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Vicki, can I just follow-up on that? Some of your competitors that because of the natural gas outlook have decided to shift the CapEx more to the gas well from the oil. Is that something that you will consider? Or that you think that it's still Permian is your best asset?