Wednesday, October 20, 2010

Kern County, CA - Occidental Petroleum OXY

By Tim -

Occidental Petroleum Corporation (OXY) reported earnings yesterday and updated investors on their Kern County, California oil field discovery.

Turning now to California. During the first nine months of the year, we drilled seven conventional exploration extension wells in California. Of these, five were outside the Kern County discovery area; two of these wells are currently being tested. We also drilled 12 unconventional exploration wells in the first nine months of this year, of which three are successful and five are being tested.

In the fourth quarter, we expect to drill ten exploration wells of which two will be conventional, the remaining eight wells unconventional. In the fourth quarter, our exploration program will target smaller prospects until permits are obtained to the larger ones.

We’ve also drilled 13 conventional exploitation wells in the Kern County discovery area and 15 unconventional exploitation wells California in the first nine months. Due to delays in permitting we’ve reduced our exploitation plans in the second half of the year by about 10 wells.

For more updates, visit

For updates on the stock market, visit