西方石油 2024年度报告

2024 ACHIEVEMENTS FINANCIAL • Generated $4.9 B of free cash flow before working capital1• Completed the acquisition of CrownRock, L.P.• Closed $1.7 B of divestitures• Completed near-term commitment of $4.5 B of debt repayments• Increased quarterly dividend by >22% OPERATIONAL • Achieved record annual U.S. oil production• Reduced full-year domestic operational expenditures per BOE2by ~9% compared to 2023• Increased proved reserves by ~600 million BOE to ~4.6 billion BOE• Completed construction of STRATOS Trains 1 and 2 (the capture units)• Generated OxyChem reported income of >$1.1 B and met Battleground modernizationand expansion project milestones HEALTH, SAFETY & ENVIRONMENTAL • Achieved best employee safety performance ever with 0.16 TRIR3, tying our previous record from 2020, withhigher activity levels in 2024• Sustained zero routine flaring in our U.S. oil and gas operations• Reduced routine flaring in global oil and gas operations by 80% compared to our 2020 baseline through additionalgas compression and a rich gas injection project in Oman• Received 47 awards from the American Chemistry Council for OxyChem’s 2024 safety and environmental performance ABOUT US Oxy is an international energy company with premier diversified assets primarily located in the United States, the MiddleEast and North Africa and distinguished operational capabilities that create a runway for sustainable shareholder valueaccretion. Oxy is one of the largest oil and gas producers in the U.S., where it is a leading producer in the Permianand DJ basins, and offshore Gulf of America, and it is the largest independent oil producer in Oman. Oxy’s midstreamand marketing segment provides flow assurance and enhances the value of the oil and gas segment. Oxy Low CarbonVentures, a subsidiary within the midstream and marketing segment, is advancing leading-edge technologies anddecarbonization solutions, including direct air capture, lithium development and near-zero emissions power, that seekto economically grow the business while reducing emissions. Oxy’s chemical subsidiary, OxyChem, is a leading NorthAmerican manufacturer that produces the building blocks for life-enhancing products, including drinking water, medicalsupplies and construction materials. 1For a reconciliation to the most comparable GAAP financial measure of operating cash flow, see the inside back cover.2Barrels of oil equivalent.3Our Total Recordable Injury Rate (TRIR) per 200,000 employee work hours for the year ended December 31, 2024. LETTER FROM CEO 2024 marked an exceptional year for Oxy as we advanced our strategyand delivered outstanding financial and operational results across ourbusinesses. We closed on the strategic acquisition of CrownRock, L.P.,increasing our access to short-cycle, high-return oil assets in the U.S., andprogressed our major growth projects in OxyChem and Oxy Low CarbonVentures (OLCV), aiming to deliver longer-cycle, sustainable returns.Through our strategic advancements and operational execution, we haveassembled Oxy’s best portfolio of assets and capabilities in our 100+ yearhistory, which will position us to provide robust cash flow throughout thecycle and create and sustain long-term shareholder value. Our execution efficiencies, strong new well deliverability and enhancedbase production enabled us to achieve record U.S. oil productionwhile reducing 2024 domestic lease operating expenses per barrel byapproximately 9 percent and lowering well costs by roughly 12 percentacross all unconventional basins compared to 2023. Within our Permian operations, we are pushing the technical limits ofwell deliverability, deepening reservoir characterization and simulationefforts, and conducting field trials to further advance enhanced oilrecovery in unconventional reservoirs. In our Gulf of America andinternational portfolio, we are using advanced seismic to uncovernew opportunities and provide a rich dataset for AI applications. Andin Algeria, we recently completed the country’s largest seismic dataacquisition, which will play a key role as we look to enhance valuethrough future development opportunities. A focus for 2024 was onstrengthening our portfoliothrough high-grading our oil and gas assets to enhance the long-term sustainabilityof our business. The CrownRock acquisition significantly expanded ourunconventional Permian assets, providing the scale, integrated infra-structure and years of high-margin, low-breakeven drilling opportunitiesin the Midland Basin to complement our leading Delaware Basin position. In 2024 we also made significant progress toadvance our major growthprojects. OxyChem’s Gulf Coast plant enhancement project and Battle-ground plant modernization and expansion project are on track forcompletion in 2025 and mid-2026, respectively. These projects areexpected to increase cash flow through higher product volumes,operational and logistics efficiencies, lower operating costs andimproved margins. The strength of our co