Strong midstream/chems performance buoys lowered production guidance    In what feels like a repetitive theme this earnings season, OXY's (OXY.N)midstream and chemical earnings provided a degree of diversification to a strongupstream performance in 2Q; however, a lowered FY production guide (perhapson Permian Resources) and 3Q guide that missed consensus is likely to weigh onshares. Hold. Positive: Strong core performance in upstream/chems/midstream($117 mm vs. DBe $59 mm/$230 mm vs. $200 mm / $25 mm vs. $10 mm);increased Permian $50 breakeven locations by 355 (14%); robust outlook formidstream and chems. Negative: 3Q/FY production guide missed expectations/was lowered despite adding net 3.5 mboe/d of production in its recent offsettingPermian Resources/EOR transactions; annualized cash burn of $1.3bn in 2Q, andthe path toward CF breakeven has its hurdles.

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