BlackRock, the world’s largest asset manager, cut its stake in U.S. oil and gas producer Occidental Petroleum Corp. by about 9% last year, according to a securities filing Feb. 5.
The firm beneficially owned 53.69 million Occidental shares at the end of December, down 5 million shares from a year earlier. The stake was valued at $1.22 billion on Feb. 5.
BlackRock did not immediately reply to a request for comment. The firm has urged companies to prepare their businesses to live in a low-carbon environment by the middle of this century.
Occidental Petroleum has embraced carbon emissions reductions and laid out a plan to achieve net-zero emissions by 2040. A company representative did not immediately reply to a request for comment on BlackRock’s share sales.
Occidental Petroleum’s market value sank 60% last year as oil demand and prices tumbled and debt from its 2019 purchase of Anadarko Petroleum drove losses. It lost $14.36 billion in the first nine months of 2020. Full-year results are set to be released on Feb. 16.
Recommended Reading
Equinor’s Norwegian Troll Gas Field Breaks Production Record
2025-01-06 - Equinor says its 2024 North Sea production hit a new high thanks to equipment upgrades and little downtime.
Devon, BPX to End Legacy Eagle Ford JV After 15 Years
2025-02-18 - The move to dissolve the Devon-BPX joint venture ends a 15-year drilling partnership originally structured by Petrohawk and GeoSouthern, early trailblazers in the Eagle Ford Shale.
Report: Leak Detection and Repair Work Growing Globally
2025-01-20 - Natural gas trends are boosting the companies that monitor and repair leaks, a consulting firm said in a report.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
TechnipFMC Awarded EPCI for Equinor’s Johan Sverdrup Phase 3
2025-03-25 - The Johan Sverdrup Field, which originally began production in 2019, is one of the largest developments in the Norwegian North Sea.