Occidental Petroleum Corp Q4 2020 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 : Two questions. First, I think, is for Rob. Rob, when I'm looking at your presentation, in terms of the cash flow priority, I'm actually surprised that you put retiring the preferred equity at the bottom, given it's actually pretty high coupon 8%. So just wondering that why that would not be a higher priority for you to retire such a high coupon debt to some degree. I mean, even though you start deferred equity from our standpoint, it's no different than the debt. So maybe that you can elaborate a little bit of the thinking. Secondly, back on your Page 15, I think you gave some data about the Permian, 11 rigs that you're going to run and the number of wells. And since that that's including the yield out now, so can you break it down, the number of rigs that is related to the unconventional and the number of wells that you're going to come on stream? And in terms of the trajectory, is that a pretty steady program ratable throughout the year? Or that is more heavy bottom? Or that is early heavy or that is bottom heavy in terms of the program? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 23, 2021 / 6:00PM, OXY.N - Q4 2020 Occidental Petroleum Corp Earnings Call