She added, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference ADIPEC 2022, “I think the real problem in the world today is that people do not properly understand what drives the markets. There has been pressure on our industry for many years which has made investments less than what is needed and part of the investment has declined. This is due to the drop in prices during the period from 2014 to 2017.
She continued, “Low prices have reduced investments in the sector and this decline is what caused the gap that exists today between supply and demand, which we are now working to address.”
Occidental Petroleum CEO Vicki Hollub explained, “We’ve been meeting at the CEO Forum for nearly five years at the industry level, and we’ve been trying to work on solutions to the problems facing the energy sector, so we as an industry are trying to do everything we can to ensure that we are part of the energy transition.”
And the American “Occidental Petroleum” announced that it reduced its debts and resumed a program to buy back shares, after it recorded an increase in second-quarter profits, supported by the rise in crude prices.
Net profit attributable to common stockholders was $3.6 billion, or $3.47 per share, in the second quarter, compared with a loss of $97 million, or ten cents per share, in the same period last year.
It is noteworthy that “Berkshire Hathaway”, the company of billionaire Warren Buffett, has obtained US regulatory approval to buy up to 50 percent of the energy company “Occidental Petroleum Corp.”, after spending months buying its shares. And Berkshire announced earlier this month that it owns 188 million shares of Occidental Petroleum, or just over 20 percent of the company, and owns 10 million preferred shares, in addition to the right to buy 83.9 million. Common stock for $5 billion.
#Occidental #Petroleum #oil #prices #led #decrease #pace #investment