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Occidental Petroleum is an independent exploration and production company with operations in the United States, Latin America, and the Middle East. At the end of 2023, the company reported net proved reserves of nearly 4 billion barrels of oil equivalent. Net production averaged 1,234 thousand barrels of oil equivalent per day in 2023 at a ratio of roughly 50% oil and natural gas liquids and 50% natural gas.

HF Sinclair is an integrated petroleum refiner that owns and operates seven refineries serving the Rockies, midcontinent, Southwest, and Pacific Northwest, with a total crude oil throughput capacity of 678,000 barrels per day. It can produce 380 million gallons of renewable diesel annually. It holds a marketing business with over 300 distributors and 1,500 wholesale branded sites across 30 states. It also owns and operates 4,400 miles of petroleum product pipelines and terminals principally in the southwestern United States.

With every earnings win reported on Wednesday, there seems to be an equal and opposite reaction in the form of an earnings disappointment. And with earnings the main source of investor optimism or caution today, it's little surprise that the major U.S. stock indices are flat. Over the course of the morning, the indices have played jump rope with their opening levels, landing on one side for a period of time only to land on the other side shortly thereafter. Still, after multiple days of gains, the financial press is viewing the lack of further share-price progress as worrisome, and it is not difficult to find the words 'stalled' and 'lost steam' used to label the stock market today. Geopolitics are not helping, as tension in the Middle East continues to roil that area and is the basis for domestic discontent as well, while U.S. relations with China remain strained after the U.S. revoked export licenses for Intel and Qualcomm to sell chips to China's Huawei, a maker of PCs and mobile phones. The Dow was up 0.2%, the S&P 500 fell 0.1% and the Nasdaq lost 0.3%. Crude oil is trading below $79 per barrel and gold is little changed at $2324 per ounce.

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