Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
Production & SalesOccidental’s average daily net oil, liquids and gas production volume expanded to 741,000 barrels of oil equivalent per day (boe/d) from 639,000 boe/d in the prior-year quarter. Production during the quarter exceeded the guided range of 723,000-735,000 boe/d.
This improvement in production volume was backed by higher drilling activity and solid output from the Permian Resources region. Permian Resources production improved 44% year over year. International production also improved 15.9% year over year.
In the quarter under review, total sales volume was 744,000 boe/d compared with 622,000 boe/d recorded in the year-ago period.
Realized PricesRealized prices for in the second quarter dropped 7.8% year over year to $58.91 per barrel on a worldwide basis. Worldwide realized NGL prices also decreased 33.8% from the prior-year quarter to $18 per barrel. Moreover, worldwide prices were down 34.8% from the year-ago quarter to $1.03 per thousand cubic feet.
The overall decline in realized prices of the commodities did not allow the company to realize full benefits of higher production and sales volumes in the reported quarter.
Highlights of the ReleaseIts acquisition deal with Anadarko Petroleum (NYSE:) — which has been progressing per expectation — is expected to close post Anadarko shareholders’ vote, scheduled this month. This deal will expand and strengthen Occidental’s presence in this resource-rich region.
Selling, general and administrative, and other operating expenses in the second quarter were $423 million, up 5.2% from $402 million a year ago.
Interest expenses in the reported quarter were $153 million compared with $97 million in the year-ago period.
Occidental’s management, which continues to increase the value of its shareholders, returned $600 million in the second quarter through dividend payments.
Financial PositionAs of Jun 30, 2019, Occidental had cash and cash equivalents of $1,751 million compared with $3,033 million on Dec 31, 2018.
As of Jun 30, 2019, the company had a long-term debt (net of current portion) of $10,155 million compared with $10,201 million on Dec 31, 2018.
In second-quarter 2019, cash from operations was $2,013 million, up from $1,756 million in the prior-year period.
In second-quarter 2019, Occidental’s total capital expenditure was $1,211 million, lower than $1,287 million invested in the year-ago period.
GuidanceOccidental expects third-quarter 2019 production in the range of 725,000-739,000 boe/d. Production from Permian Resources is expected in the range of 289,000-297,000 boe/d.
The company expects 2019 production in the range of 718,000-729,000 boe/d. Production from Permian Resources is expected in the range of 283,000-287,000 boe/d.
Zacks RankCurrently, Occidental carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Oil & Energy Releases
Eni S.p.A. (NYSE:) reported second-quarter 2019 adjusted earnings per share of 36 cents, lagging the Zacks Consensus Estimate of 65 cents by 44.6%.
BP plc (NYSE:) reported second-quarter earnings per share of 83 cents, surpassing the Zacks Consensus Estimate of 78 cents by 6.4%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure
here or
remove ads
.
