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' Record free cash flow before working capital of $13.6 B
' Record net income of $12.5 B1 and ROCE of 28%2
' Retired >$10.5 B of debt and eliminated >$400 MM per annum of interest and finance expenses
' Completed $3.0 B share repurchase program
' Record OxyChem EBIT of $2.5 B
' Record Delaware Basin well productivity ' program 30-day IP rates
' Strong execution drove high-return, Permian production growth of 90 Mboed
' Proved reserves increased to ~3.8 billion BOE with a 172% RRR
' Tie-back execution drove multiple GoM platform production milestones
' Significantly reduced methane emissions and U.S. operations achieved zero routine flaring
' Construction underway on DAC 1
' Secured approximately 265k acres/414 mi2 of land/pore space for Gulf Coast sequestration hubs
' Signed multiple CDR credit purchase agreements

https://www.oxy.com/globalassets/documents/investo...

Slide 13 addresses a plan to begin partial redemption of Berkshire's preferred equity starting in 2023.

all excellent high points, but the zero routine flares is just amazing !

"all excellent high points, but the zero routine flares is just amazing !

Not exactly sure what defines "routine flaring", so uncertain how significant that is.

planned gas offs, its an incredible cost, loss of energy , and indicates also possible very bad planning. The only flare offs you want to see is if there is an emergency.

Flaring is also brutal - needless vandalism - on our shared biosphere:

"Flaring, the process of burning natural gas escaping from oil and gas wells, is primarily intended to combust the powerful greenhouse gas methane to minimize its emission. But is flaring as effective as is claimed? Plant et al. used airborne sampling to measure flare efficiency in three major gas production regions in the United States and found that methane emissions are five times higher than currently thought (see the Perspective by Duren and Gordon). Therefore, flaring is often not as efficient as presumed'or methane plumes simply are not combusted at all" Science 29 Sept 2022 https://www.science.org/doi/10.1126/science.abq038... (ungated, I think)

And

Methane is known to be a powerful greenhouse gas, but burning it off at oil and gas wells was believed to effectively keep it from escaping into the atmosphere.

Unfortunately, data published in the journal Science shows we overestimate flaring's effectiveness and, as a result, underestimate its contribution to methane emissions and climate change. But if we fix flaring issues, the payoff is huge: the equivalent of removing 3 million cars from the roads. https://news.umich.edu/flaring-allows-more-methane...

So, Oxy getting routine (nonemergency) flaring to zero is very desirable/appropriate

--sutton

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