Wall Street closes at a record for the first time since end of January
HOUSTON - Occidental (NYSE:OXY) announced Wednesday an oil discovery at its Bandit exploration well in the Gulf of America, approximately 125 miles south of Louisiana’s coast.
The well, located in Green Canyon Block 680, encountered oil-bearing Miocene sands, according to a press release statement. Occidental operates the project with a 45.375% working interest, while Chevron U.S.A. Inc. holds 37.125% and Woodside Energy owns 17.5%.
The co-owners are evaluating the results to determine future development plans. The discovery could potentially be connected through subsea tie-backs to an adjacent Occidental-operated facility and other nearby infrastructure.
"We believe this discovery demonstrates the continued importance of the Gulf of America as a strategic source of reliable domestic oil supply that supports long-term energy security," said Jeff Simmons, Senior Vice President, Subsurface Technology and Chief Petrotechnical Officer at Occidental.
Occidental is an international energy company headquartered in Houston that produces, markets and transports oil and natural gas. The company primarily operates in the United States, the Middle East and North Africa.The discovery comes as Occidental shares have surged 46% year-to-date, trading at $59.77 with a market capitalization of $59.3 billion. According to an InvestingPro tip, 13 analysts have revised their earnings upwards for the upcoming period, reflecting growing confidence in the company’s prospects. Investors seeking deeper insights can access comprehensive analysis through InvestingPro’s Pro Research Report, available for OXY and 1,400+ other US equities.
In other recent news, Occidental Petroleum has been in the spotlight with several key developments. The company is preparing for a leadership change, as CEO Vicki Hollub is set to retire later this year, with COO Richard Jackson expected to take over her role. This transition marks a significant shift in leadership for the Houston-based oil producer. Meanwhile, analysts have been adjusting their views on Occidental Petroleum. Wells Fargo upgraded its rating to Overweight, citing improved capital efficiency, and raised the price target to $69. Similarly, Piper Sandler also upgraded the stock to Overweight, highlighting Occidental’s strong operating performance in the Delaware basin and improved fiscal 2026 guidance. Truist Securities initiated coverage with a Hold rating and set a price target of $65, noting the company’s diversified portfolio. These developments come amid broader market dynamics, with energy stocks experiencing volatility due to fluctuations in oil prices.
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