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Occidental (OXY) Reports Narrower-than-Expected Q2 Loss
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Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2016 loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of 20 cents. However, the company had generated earnings of 21 cents in the year-ago quarter.
Occidental Petroleum's total revenue came in at $2,558 million, lagging the Zacks Consensus Estimate of $2,700 million by 5.3%. Revenues, however, tanked 27.2% from $3,514 million a year ago primarily due to lower contributions from Oil and Gas (30.6%), Chemical (11.8%) and Midstream and Marketing (52%).
Quarterly Highlights
Occidental Petroleum’s average daily net oil, liquids and gas production volume increased 10.3% year over year to 609,000 barrels of oil equivalents per day (Boe/d). The upside was primarily due to record production in Abu Dhabi and Oman.
Realized prices for worldwide crude oil decreased 27.3% year over year to $39.66 per barrel.
Worldwide realized NGL prices declined 19.21% to $14.59 per barrel from $18.06 per barrel a year ago.
Natural gas prices were down 14.9% to $1.26 per thousand cubic feet.
Financial Position
As of Jun 30, 2016, Occidental Petroleum had cash and cash equivalents of $3,751 million, compared with $3,201 million as of Dec 31, 2015.
As of Jun 30, 2016, Occidental Petroleum had long-term debt (net of current portion) of $8,331 million, compared with $6,855 million as of Dec 31, 2015.
In the reported quarter, the company’s cash from operations was $803 million, down from $811 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $657 million in the quarter under review, down 55.8% from $1,488 million a year ago.
Guidance
Occidental Petroleum reaffirmed its oil and gas production growth outlook of 4–6%. The company also maintained its full-year capital expenditure guidance of $3 billion.
Peer Releases
ConocoPhillips (COP - Free Report) reported second-quarter 2016 adjusted loss of 79 cents per share, wider than the Zacks Consensus Estimate of a loss of 62 cents.
Hess Corporation (HES - Free Report) reported adjusted second-quarter 2016 loss from continuing operations of $1.11 per share, narrower than the Zacks Consensus Estimate of a loss of $1.26.
Anadarko Petroleum Corporation reported second-quarter 2016 adjusted loss of 60 cents per share, narrower than the Zacks Consensus Estimate of a loss of 77 cents.
Zacks Rank
Occidental Petroleum currently has a Zacks Rank #3 (Hold).
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Occidental (OXY) Reports Narrower-than-Expected Q2 Loss
Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2016 loss of 18 cents per share, narrower than the Zacks Consensus Estimate of a loss of 20 cents. However, the company had generated earnings of 21 cents in the year-ago quarter.
Total Revenue
Occidental Petroleum's total revenue came in at $2,558 million, lagging the Zacks Consensus Estimate of $2,700 million by 5.3%. Revenues, however, tanked 27.2% from $3,514 million a year ago primarily due to lower contributions from Oil and Gas (30.6%), Chemical (11.8%) and Midstream and Marketing (52%).
Quarterly Highlights
Occidental Petroleum’s average daily net oil, liquids and gas production volume increased 10.3% year over year to 609,000 barrels of oil equivalents per day (Boe/d). The upside was primarily due to record production in Abu Dhabi and Oman.
OCCIDENTAL PET Price, Consensus and EPS Surprise
OCCIDENTAL PET Price, Consensus and EPS Surprise | OCCIDENTAL PET Quote
Realized Price
Realized prices for worldwide crude oil decreased 27.3% year over year to $39.66 per barrel.
Worldwide realized NGL prices declined 19.21% to $14.59 per barrel from $18.06 per barrel a year ago.
Natural gas prices were down 14.9% to $1.26 per thousand cubic feet.
Financial Position
As of Jun 30, 2016, Occidental Petroleum had cash and cash equivalents of $3,751 million, compared with $3,201 million as of Dec 31, 2015.
As of Jun 30, 2016, Occidental Petroleum had long-term debt (net of current portion) of $8,331 million, compared with $6,855 million as of Dec 31, 2015.
In the reported quarter, the company’s cash from operations was $803 million, down from $811 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $657 million in the quarter under review, down 55.8% from $1,488 million a year ago.
Guidance
Occidental Petroleum reaffirmed its oil and gas production growth outlook of 4–6%. The company also maintained its full-year capital expenditure guidance of $3 billion.
Peer Releases
ConocoPhillips (COP - Free Report) reported second-quarter 2016 adjusted loss of 79 cents per share, wider than the Zacks Consensus Estimate of a loss of 62 cents.
Hess Corporation (HES - Free Report) reported adjusted second-quarter 2016 loss from continuing operations of $1.11 per share, narrower than the Zacks Consensus Estimate of a loss of $1.26.
Anadarko Petroleum Corporation reported second-quarter 2016 adjusted loss of 60 cents per share, narrower than the Zacks Consensus Estimate of a loss of 77 cents.
Zacks Rank
Occidental Petroleum currently has a Zacks Rank #3 (Hold).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>