HOUSTON (Reuters) -U.S. oil producer Occidental Petroleum Corp plans to expand shareholder distribution as it further pays down debt, Chief Executive Vicky 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.
“With net debt expected to be below $25 billion by the end of the first quarter, we are ready to begin returning more capital to shareholders,” Chief Financial Officer Robert Peterson said during a call with analysts to discuss fourth quarter financial results.
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.
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.”
(Reporting by Sabrina Valle; editing by Jonathan Oatis)
