Occidental plans to accelerate shareholder returns, CEO says - Reuters

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The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

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HOUSTON, Feb 25 (Reuters) - U.S. oil producer Occidental Petroleum Corp plans to expand shareholder distribution as it further pays down debt, Chief Executive Vicki Hollub said on Friday.

On Thursday, Occidental announced a dividend increase, to $0.13 per share quarterly, along with a $3 billion share repurchase authorization. read more

"For the first phase of our shareholder return framework initiated, we have the options in future years to invest in cash flow growth," Hollub said during a call with analysts to discuss fourth quarter financial results.

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With net debt expected to be below $25 billion by the end of the first quarter, the company is "ready to begin returning more capital to shareholders," Chief Financial Officer Robert Peterson added.

Getting to "a level at some point that is in that $15 billion or less net debt is an ultimate goal for the company", Peterson added. A total debt below $20 billion would enable a potential upgrade to investment grade by credit rating agencies, he said.

During the call, Hollub criticized Russia President Vladimir Putin's decision to invade Ukraine this week, in the strongest message by an oil producer so far.

"I'd like to say that we stand in firm condemnation of the insane and inhumane actions taken by Putin and Russia to invade Ukraine," she said. "Our thoughts and prayers go out to all the people of Ukraine."

Occidental said it is "positioned to take full advantage of the current commodity price environment," in which Brent surged past $100 per barrel for the first time since 2014.

"We recognize that oil prices are uncertain and may remain volatile, particularly in the current environment."

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Reporting by Sabrina Valle; editing by Jonathan Oatis

Our Standards: The Thomson Reuters Trust Principles.

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