Occidental Petroleum Stock Drops 3.66% Amidst 53rd Ranked Trading Volume as Oxy Oman Extends Operations in Oman

On June 23, 2025, Occidental Petroleum Corporation (OXY) experienced a 3.66% decline in its stock price, with a trading volume of 11.14 billion, ranking 53rd in the day's trading volume. This decline can be attributed to several factors, including the extension of operations in Onshore Block 53 in Oman by Oxy Oman, a wholly-owned subsidiary of Occidental. This extension involves drilling activities and implementing enhanced oil recovery projects across various reservoirs to increase oil production and sequester carbon dioxide. Additionally, the reopening of the Libyan oil port Zueitina after damage assessment and the ongoing discussions around carbon capture, utilization, and storage (CCUS) technologies have also influenced the stock price.

Oxy Oman has extended its operations in Onshore Block 53 for 15 years, focusing on drilling activities and implementing enhanced oil recovery projects. This extension is part of a broader strategy to increase oil production and sequester carbon dioxide, which is crucial for Occidental's environmental initiatives. The enhanced oil recovery projects aim to improve the efficiency of oil extraction while reducing the carbon footprint, aligning with global efforts to mitigate climate change.

The reopening of the Libyan oil port Zueitina after damage assessment is another significant development. This port plays a critical role in Libya's oil exports, and its reopening is expected to boost oil production and revenue for Occidental. The port's reopening comes at a time when global oil demand is recovering, providing a favorable environment for increased production and sales.

Occidental's involvement in CCUS technologies is also a key factor influencing its stock price. The company is actively engaged in research and development of carbon capture, utilization, and storage technologies, which are essential for reducing greenhouse gas emissions. Occidental's commitment to these technologies positions it as a leader in the energy sector's transition to a low-carbon future. The company's efforts in this area are part of a broader industry trend towards sustainability and environmental responsibility.