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Occidental Petroleum (OXY) Beats Q1 Earnings Estimates

Published 05/04/2017, 03:44 AM
Updated 07/09/2023, 06:31 AM

Occidental Petroleum Corporation (NYSE:OXY) reported first-quarter 2017 earnings of 15 cents per share, beating the Zacks Consensus Estimate of 14 cents by 7.1%. In the year-ago quarter, the company had posted a loss of 56 cents.

Total Revenue

Occidental Petroleum's total revenue came in at $2,978 million, missing the Zacks Consensus Estimate of $3,011.4 million. Revenues increased 30.6% year over year from $2,281 million a year ago.

Production

Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 11.1% year over year to 584,000 barrels of oil equivalents per day (Boe/d). This decrease in the production volume was due to Colombia pipeline disruptions and planned maintenance at the Al Hosn Gas and Dolphin operations.

Realized Prices

Realized prices for worldwide crude oil increased 66.7% year over year to $49.04 per barrel.

Worldwide realized NGL prices increased 98.8% to $21.59 per barrel.

Natural gas prices were up 65.6% to $2.07 per thousand cubic feet.

Occidental Petroleum Corporation Price, Consensus and EPS Surprise

Occidental Petroleum Corporation Price, Consensus and EPS Surprise | Occidental Petroleum Corporation Quote

Financial Position

As of Mar 31, 2017, Occidental Petroleum had cash and cash equivalents of $1,494 million compared with $2,233 million as of Dec 31, 2016.

As of Mar 31, 2017, the company had long-term debt (net of current portion) of $9,322 million compared with $9,819 million as of Dec 31, 2016.

In the reported quarter, its cash from operations was $652 million, up 369% from $139 million in the prior-year period.

Occidental Petroleum’s total capital expenditure was $752 million in the quarter under review, up 9.5% from $687 million a year ago.

Peer Releases

TotalFinaElf, S.A. (TO:TOT) reported first-quarter 2017 earnings of $1.01 per share, beating the Zacks Consensus Estimate of a loss of 95 cents.

Noble Energy Inc. (NYSE:NBL) posted first-quarter 2017 adjusted loss from continuing operations of 5 cents per share, narrower than the Zacks Consensus Estimate of loss of 13 cents.

Anadarko Petroleum Corp. (NYSE:APC) reported first-quarter 2017 adjusted loss of 60 cents per share, wider than the Zacks Consensus Estimate of a loss of 26 cents.

Zacks Rank

Occidental Petroleum currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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TotalFinaElf, S.A. (TOT): Free Stock Analysis Report

Noble Energy Inc. (NBL): Free Stock Analysis Report

Anadarko Petroleum Corporation (APC): Free Stock Analysis Report

Occidental Petroleum Corporation (OXY): Free Stock Analysis Report

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