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Occidental Petroleum (OXY) Q3 Loss Wider-Than- Expected
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Occidental Petroleum Corporation (OXY - Free Report) is an integrated oil and gas company. This Houston, TX-based firm, together with its subsidiaries, operates in the U.S. and several international territories with considerable exposure in exploration and production activities.
Given the current commodity price environment, Occidental Petroleum is pursuing strategies to reduce activities in non-core operations in the Middle East and North Africa, while shifting focus toward opportunities to generate higher financial returns.
Moreover, systematic cost reduction strategies continue to help the company to counter the low price environment.
Estimate Trend & Surprise History
Investors should note that the third quarter Zacks Consensus Estimate is a loss of 13 cents per share, widened from a loss of 8 cents over the last 30 days.
Coming to the earnings surprise, Occidental Petroleum has surpassed the Zacks Consensus Estimate in 2 of the last four quarters, resulting in a negative average surprise of 50.50%.
We have highlighted some of the key details from the just-released announcement below:
Earnings: Occidental Petroleum reported third quarter loss wider than expected. Our consensus called for third-quarter loss of 13 cents, and the company reported loss of 15 cents.
Revenue: Occidental Petroleum's revenue marginally beat estimates in the third quarter. The company posted revenues of $2,733 million in the third quarter, compared to our consensus estimate of $2,714 million.
Key Stats: Average daily oil and gas production volumes in the quarter were 605,000 barrels of oil equivalents (Boe), down from $689,000 Boe in the prior-year quarter.
Stock Price: It would be interesting to see how the market reacts to the wider than expected loss during the trading session today.
Check back later for our full write up on this OXY earnings report later!
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Occidental Petroleum (OXY) Q3 Loss Wider-Than- Expected
Occidental Petroleum Corporation (OXY - Free Report) is an integrated oil and gas company. This Houston, TX-based firm, together with its subsidiaries, operates in the U.S. and several international territories with considerable exposure in exploration and production activities.
Given the current commodity price environment, Occidental Petroleum is pursuing strategies to reduce activities in non-core operations in the Middle East and North Africa, while shifting focus toward opportunities to generate higher financial returns.
Moreover, systematic cost reduction strategies continue to help the company to counter the low price environment.
Estimate Trend & Surprise History
Investors should note that the third quarter Zacks Consensus Estimate is a loss of 13 cents per share, widened from a loss of 8 cents over the last 30 days.
Coming to the earnings surprise, Occidental Petroleum has surpassed the Zacks Consensus Estimate in 2 of the last four quarters, resulting in a negative average surprise of 50.50%.
OCCIDENTAL PET Price and EPS Surprise
OCCIDENTAL PET Price and EPS Surprise | OCCIDENTAL PET Quote
Zacks Rank: Currently, Occidental Petroleum has a Zacks Rank #3 (Hold) but that could change following its third quarter 2016 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
We have highlighted some of the key details from the just-released announcement below:
Earnings: Occidental Petroleum reported third quarter loss wider than expected. Our consensus called for third-quarter loss of 13 cents, and the company reported loss of 15 cents.
Revenue: Occidental Petroleum's revenue marginally beat estimates in the third quarter. The company posted revenues of $2,733 million in the third quarter, compared to our consensus estimate of $2,714 million.
Key Stats: Average daily oil and gas production volumes in the quarter were 605,000 barrels of oil equivalents (Boe), down from $689,000 Boe in the prior-year quarter.
Stock Price: It would be interesting to see how the market reacts to the wider than expected loss during the trading session today.
Check back later for our full write up on this OXY earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>