A better than expected performance from Permian Resources means Occidental now expects to be cashflow neutral at US$50/bbl WTI in Q3 of this year, six months ahead of schedule. Encouraged by these results, and bowing to the current value trend, it announced it would resume its share repurchase program during 2018. Its dividend will remain flat at US$0.77/share, but at 4% it is still one of the most attractive dividend yields in the E&P space. Like most of its peers, it remains conservative in its outlook. Excess free cashflow will be directed towards debt repayment and increased shareholder returns in the first instance. There are no plans to increase activity.