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Occidental has halved its debt in 10 months. 🔹 Principal debt: $ 10.0bn, from about $ 20.4bn on 1 January 🔹 Repaid in 2026: $ 10.4bn, including $ 1.8bn in the 3rd quarter 🔹 Most of it came from selling OxyChem to Berkshire Hathaway in January, which raised about $ 7.9bn after tax 3rd quarter: 🔹 Operating cash flow before working capital: $ 4.1bn 🔹 Free cash flow: $ 2.8bn, on $ 1.3bn of capex 🔹 Output: 1.427m boe/d, above guidance 🔹 Adjusted EPS: $1.91 Not everything went up. Oxy’s realised oil price fell 11% to $85.91, and the midstream unit’s profit collapsed to $55m from $ 1.3bn as gas price gaps between Texas and the Gulf Coast narrowed. With the debt down, CEO Richard Jackson now targets more than $ 4bn of extra annual cash flow by 2030, and “a pathway to accelerate” shareholder returns. At war-level oil prices, Oxy has used the windfall to pay off its debt.

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🛢️ The world’s 10 biggest oil companies are now worth $ 4tn. A war that shut Hormuz has made Big Oil richer than ever. 🇸🇦 aramco: $ 1.683tn 🇺🇸 ExxonMobil: $ 670bn 🇺🇸 Chevron: $ 411bn 🇬🇧 Shell: $ 281bn 🇨🇳 PetroChina: $ 243bn 🇫🇷 TotalEnergies: $ 193bn 🇺🇸 ConocoPhillips: $ 160bn 🇨🇳 CNOOC: $ 142bn 🇧🇷 Petrobras: $ 119bn 🇬🇧 bp: $ 115bn Aramco alone is 42% of the total. Its numbers are strong. It made $ 31.2bn of adjusted profit in the 3rd quarter, up 9%. Its headlines aren’t. 🔹 Drones shut its East-West pipeline, the route around Hormuz 🔹 The Houthis have hit its refineries and an oil field 🔹 Yesterday, missile debris struck its tower in Riyadh The rest of the top 10 get war-level oil prices without the Gulf risk.

Oil companies get the biggest share of 🇨🇦 Canada’s new tax break. Carney’s budget on 5 November created a “Productivity Mega Deduction”, which lets companies write capital spending off against their taxes. 🔹 29% of the benefit goes to oil extraction and refining, more than any other sector 🔹 It’s the costliest measure in the budget, per BMO 🔹 For some producers it will reduce taxes for years, Bloomberg reports Ottawa is paying for it with the oil windfall. Signal49 puts the extra federal revenue at about C$158bn over the budget’s horizon, mostly from higher commodity prices. So Canadian producers are getting: 🔸High oil prices 🔸Lower taxes on what they spend to grow That still leaves the discount. Canadian heavy oil sells $25 under WTI. The producers that keep more of every barrel now have a tax break on top. That’s the setup I wrote about here: https://t.co/IGd6kSJ6np

A Canadian producer sold its heavy oil for more than Suncor, Imperial and Cenovus did. What each company got per barrel of heavy oil or bitumen in the 3rd quarter: 🔹 My pick: C$99.09 🔹 Cenovus: C$98.48 🔹 Cardinal: C$96.91 🔹 Suncor: C$96.42 🔹 Imperial: C$92.16 🔹 Baytex: C$91.26 That’s with WTI at an average of US$85.79 and the Canadian discount at US$13.88. The discount has doubled since then. Most investors assume the integrated giants are the safe way to own Canadian oil. On price, the smallest company on this list beat them. Who it is, and why : https://t.co/IGd6kSJ6np

$30.20 💰 That’s how far 🇨🇦 Canadian heavy crude fell below WTI on 28 October, the widest gap since 2018. On Thursday it was still $25.59. Every 2027 forecast I found is $14 to $15. Cenovus and Imperial both put the widening down to freight costs, not pipeline congestion in Alberta. Freight shocks pass. Pipelines take years. I’ve been waiting for this gap to buy into Canadian oil. Here is the entry I took and why: “The Market Just Gave Me The Canadian Oil Entry I Waited For” https://t.co/IGd6kSJ6np