Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017.
Equipment used to process carbon dioxide, crude oil and water is seen at an Occidental Petroleum Corp enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Reuters / Reuters Staff

Occidental Petroleum Corp is keeping its total 2022 production guidance at around 1.55 million barrels of oil equivalent per day (boed), its CEO Vicki Hollub said on Wednesday, despite target reductions in the U.S. Permian basin.

Occidental cut its 2022 production outlook for the main unconventional basin in the United States to between 516,000 and 526,000 boed, from 527,000 to 537,000 boed projected in May, knocking its shares almost 5% lower to $62 by mid-afternoon.

The reduction follows third party processing issues and a shift of production to Colombian oil producer Ecopetrol, with whom Occidental signed a joint venture.

"All contributed to a slightly lowering (of) our full-year Permian production guidance," Hollub said, adding that the losses will be fully offset by high production in the Rockies and the Gulf of Mexico.