OXY STOCK LONG TERM SWING TRADE(DOUBLE BOTTOM)OXY STOCK LONG
ENTRY 1 $10.20 & ENTRY 2 $9.80
SL $8.00
Take Profit 1 $18.00
Take Profit 2 $28.00
Take Profit 3 $38.00.
A double bottom pattern is a technical analysis charting pattern that describes a change in trend and a momentum reversal from prior leading price action. It describes the drop of a stock or index, a rebound, another drop to the same or similar level as the original drop, and finally another rebound
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas . It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas . The Chemical segment manufactures and markets basic chemicals and vinyls. The Midstream and Marketing segment purchases, markets, gathers, processes, transports and stores oil , condensate, natural gas liquids, natural gas , carbon dioxide, and power. The company was founded in 1920 and is headquartered in Houston, TX .
Aug 19 (Reuters) - Occidental Petroleum Corp OXY said on Wednesday it will sell some of its Wyoming, Colorado and Utah assets to Orion Mine Finance for about $1.33 billion, as the oil and gas producer looks to cut the debt it took on with its purchase of Anadarko.
Occidental has been trying to divest assets to whittle down its $36 billion of long-term debt, a bulk of which was taken on during its $38 billion Anadarko Petroleum deal last year, an ill-timed bet on oil prices rising.
It expects to receive $2 billion or more in asset sales this year, and has about $4.5 billion in notes due next year.
The Orion deal, expected to close in the fourth quarter, will see Occidental sell about 4.5 million mineral acres and 1 million fee surface acres. The company will, however, retain its core assets in the Rockies, including the DJ Basin in Colorado and the Powder River Basin in Wyoming.
Occidental acquired millions of mineral and surface acres in Wyoming and Colorado with the purchase of Anadarko, and hoped at one point to fetch as much as $700 million for the assets, according to people familiar with the initial sale plans.
It no longer plans to sell Algerian assets it had once hoped to sell to France's Total to pay down debt, Occidental Chief Executive Vicki Hollub said, calling Algeria a "core asset." Algerian authorities had moved to block Total's acquisition.
Occidental is still marketing assets in Ghana.
U.S. energy firms accelerate offshore evacuations as twin storms loom
HOUSTON, Aug 22 (Reuters) - U.S. oil producers on Saturday evacuated more workers from offshore Gulf of Mexico platforms as two tropical storms took aim at the major oil-producing region.
Storms Marco and Laura are poised to enter the Gulf early next week, with each forecast to make landfalls on the Gulf coast by mid-week. However, neither storm is expected to become a major hurricane and the forecast storm tracks cover a wide area.
Storm Marco on Saturday is expected to become a category one hurricane with winds of at least 74 miles per hour (119 km) but faces wind-shear conditions that will limit development. Storm Laura is on a track to travel over Hispaniola and Cuba , and is likely to remain a tropical storm, said Matt Rogers , a meteorologist at Commodity Weather Group.
"We don't see the intensity and strengthening risk" to either storm, said Rogers , whose company advises energy and agricultural firms. The prospect of either becoming a damaging, category three storm is just 10%, he said. Unlike Hurricane Harvey, which struck the region three years ago, neither is expected to linger inland, reducing risk of coastal flooding.
Still, helicopters on Saturday were criss-crossing the Gulf of Mexico, ferrying workers off platforms in precautionary measures, said Tony Hermans, base manager at Bristow Galliano heliport in southern Louisiana. Scheduled evacuations will be completed by Sunday, he said.
U.S. Gulf of Mexico offshore wells account for 17% of total U.S. crude oil production and 5% of total U.S. natural gas production. The region along the Texas to Mississippi coasts also accounts for 45% of total U.S. petroleum refining capacity.
BP , Royal Dutch Shell, BHP and Chevron each had begun removing personnel from offshore facilities. Occidental Petroleum and Louisiana Offshore Oil Port, a major oil export and import terminal, reported they had begun implementing weather procedures.
