Occidental Petroleum provided capex and production guidance for 2014. The company expects 2014 program to be about $10.2 billion compared to the $8.8 billion it spent in 2013. The increase includes about $400 million of additional capital allocated to each of California and Permian operations, largely for additional drilling, to accelerate their development plans and production growth. An additional $100 million will be spent in these and other domestic assets for facilities projects that were deferred from 2013.

With respect to its 2014 production, the company expects company-wide production volumes to grow to between 780,000 and 790,000 barrel equivalents a day compared to 763,000 in 2013, with the fourth quarter exit rate of over 800,000 barrels a day, excluding the planned Al Hosn production. This increase will come most entirely from domestic oil production, while it expects to see a continued modest drop in domestic gas volumes. The company's domestic oil production is expected to grow from 266,000 barrels a day in 2013 to between 280,000 and 295,000 barrels a day in 2014 or about a 9% increase. This growth will come fairly evenly from California and Permian operations. Internationally, excluding Al Hosn, the company expects production to grow slightly.