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Occidental emerges as heavy hitter in U.S. oil export boom
Occidental Petroleum Corp (NYSE:OXY) has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 million every day.
It is showing no signs of slowing down, with plans to double crude exports to 600,000 barrels per day in 2020, Cynthia Walker, senior vice president midstream and marketing at Occidental, said in an interview.
“As we move into the end of this year and early in 2020 … we’ll probably see a doubling of exports over that period of time,” she said.
In 2017, Occidental was the largest exporter of crude produced in the Permian oilfield of Texas and New Mexico, the largest U.S. oil field, from the U.S. Gulf Coast.
Through 2018, it remained one of the top three exporters of U.S. crude, according to limited customs data on Refinitiv Eikon analyzed by Reuters and exclusive interviews with company executives and employees.