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Marron Guillermo Martin

Research Analyst at JPMorgan Chase & Co.

Martin Guillermo Marron is CEO of J.P. Morgan’s Wealth Management Solutions, where he leads the firm’s asset and wealth management strategy with a specialization in emerging markets and global private banking. Overseeing investment activities, Marron has covered major corporate clients across Latin America, North America, and key international markets, with a track record spanning nearly four decades and prior leadership of the International Private Bank and Latin America Investment Banking divisions. He began his career in the 1980s, working at Price Waterhouse, Credit Lyonnais, and Citibank NA before joining J.P. Morgan Buenos Aires as a Fixed Income trader in 1992 and subsequently rising through senior roles in Brazil, the UK, and the US. Marron holds a Major in Accounting from the University of Buenos Aires, is multilingual, and sits on multiple boards; he maintains professional credentials commensurate with top executive banking roles.

Marron Guillermo Martin's questions to OCCIDENTAL PETROLEUM CORP /DE/ (OXY) leadership

Question · Q3 2025

Marron Guillermo Martin inquired about the unconventional CO2 EOR demonstration pilot, its applicability to older wells, and the methodology behind the $2 billion BOE resource opportunity. He also asked about the impact of capital redirection to Gulf of Mexico water floods and Oman on Gulf of Mexico productive capacity for 2026.

Answer

Richard Jackson, SVP and COO, detailed the EOR pilot's 45% uplift, its broad applicability, and the calculation of the $2 billion BOE resource based on enhanced recovery factors. Ken Dillon, SVP and President, International Oil and Gas Operations, outlined two Gulf of Mexico water flood projects (Kingfield, Horn Mountain), projecting improved recoveries of nearly 150 million BOE and significant decline rate reductions, with expected returns of 40-50%.

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Question · Q3 2025

Marron Guillermo Martin sought further details on Occidental's unconventional CO2 EOR demonstration pilot, specifically its applicability to older wells and the methodology behind the estimated $2 billion BOE resource opportunity. He also inquired about the expected impact of redirecting $250 million in capital from LCV to Gulf of America water flood projects and Oman on the Gulf's productive capacity and 2026 output.

Answer

Richard Jackson (SVP and COO) clarified that the CO2 EOR pilot, showing a 45% uplift on mid-2015 wells, is applicable to both older and newer vintages, with potential for 60-100% uplift with continued cycles. He explained the $2 billion BOE resource opportunity by projecting recovery factors to 15-20% across de-risked unconventional acreage. Ken Dillon (SVP and President, International Oil and Gas Operations) detailed that two Gulf of America water flood projects will add nearly $150 million BOE, reducing decline rates from 20% to 10% by 2030, with Kingfield starting Q2 next year and Horn Mountain in Q2 2027, both yielding 40-50% returns.

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