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Occidental Petroleum (OXY) Q4 Loss Wider, Revenues Beat
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Occidental Petroleum Corporation (OXY - Free Report) reported fourth-quarter 2016 loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the year-ago quarter, the company had posted a loss of 17 cents.
Full-year 2016 loss came in at $1.01 per share, wider than the Zacks Consensus Estimate of a loss of 90 cents. In the year-ago period, the company had reported earnings of 12 cents.
Total Revenue
Occidental Petroleum's total revenue came in at $2,826 million, marginally beating the Zacks Consensus Estimate of $2,806 million. Revenues fell marginally from $2,843 million a year ago primarily due to lower contribution from Oil and Gas (4.3%).
Full-year revenues came in at $10,398 million, missing the Zacks Consensus Estimate of $10,670 million by 2.6%. Revenues also fell from the prior-year tally of $12,699 million by 18.1%.
Quarterly Highlights
Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 10.7% year over year to 607,000 barrels of oil equivalents per day (Boe/d).
Realized Prices
Realized prices for worldwide crude oil increased 17% year over year to $45.08 per barrel.
Worldwide realized NGL prices increased 31% to $18.36 per barrel.
Natural gas prices were up 42.4% to $1.88 per thousand cubic feet.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
As of Dec 31, 2016, Occidental Petroleum had cash and cash equivalents of $2,233 million compared with $3,201 million as of Dec 31, 2015.
As of Dec 31, 2016, Occidental Petroleum had long-term debt (net of current portion) of $9,819 million compared with $6,855 million as of Dec 31, 2015.
In the reported quarter, the company’s cash from operations was $921 million, up 8.2% from $851 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $891 million in the quarter under review, down 23.9% from $1,170 million a year ago.
Peer Releases
ConocoPhillips (COP - Free Report) reported fourth-quarter 2016 adjusted loss of 26 cents per share, narrower than the Zacks Consensus Estimate of a loss of 38 cents.
Hess Corporation (HES - Free Report) reported adjusted fourth-quarter 2016 loss from continuing operations of $1.01 per share, narrower than the Zacks Consensus Estimate of loss of $1.09.
Anadarko Petroleum Corporation reported fourth-quarter 2016 adjusted loss of 50 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents.
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Occidental Petroleum (OXY) Q4 Loss Wider, Revenues Beat
Occidental Petroleum Corporation (OXY - Free Report) reported fourth-quarter 2016 loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the year-ago quarter, the company had posted a loss of 17 cents.
Full-year 2016 loss came in at $1.01 per share, wider than the Zacks Consensus Estimate of a loss of 90 cents. In the year-ago period, the company had reported earnings of 12 cents.
Total Revenue
Occidental Petroleum's total revenue came in at $2,826 million, marginally beating the Zacks Consensus Estimate of $2,806 million. Revenues fell marginally from $2,843 million a year ago primarily due to lower contribution from Oil and Gas (4.3%).
Full-year revenues came in at $10,398 million, missing the Zacks Consensus Estimate of $10,670 million by 2.6%. Revenues also fell from the prior-year tally of $12,699 million by 18.1%.
Quarterly Highlights
Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 10.7% year over year to 607,000 barrels of oil equivalents per day (Boe/d).
Realized Prices
Realized prices for worldwide crude oil increased 17% year over year to $45.08 per barrel.
Worldwide realized NGL prices increased 31% to $18.36 per barrel.
Natural gas prices were up 42.4% to $1.88 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 Dec 31, 2016, Occidental Petroleum had cash and cash equivalents of $2,233 million compared with $3,201 million as of Dec 31, 2015.
As of Dec 31, 2016, Occidental Petroleum had long-term debt (net of current portion) of $9,819 million compared with $6,855 million as of Dec 31, 2015.
In the reported quarter, the company’s cash from operations was $921 million, up 8.2% from $851 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $891 million in the quarter under review, down 23.9% from $1,170 million a year ago.
Peer Releases
ConocoPhillips (COP - Free Report) reported fourth-quarter 2016 adjusted loss of 26 cents per share, narrower than the Zacks Consensus Estimate of a loss of 38 cents.
Hess Corporation (HES - Free Report) reported adjusted fourth-quarter 2016 loss from continuing operations of $1.01 per share, narrower than the Zacks Consensus Estimate of loss of $1.09.
Anadarko Petroleum Corporation reported fourth-quarter 2016 adjusted loss of 50 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents.
Zacks Rank
Occidental Petroleum currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>