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Occidental (OXY) Q1 Loss Narrower Than Expected, Sales Top
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Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2021 loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 33 cents. The company incurred a loss of 67 cents per share in the prior-year quarter.
Total Revenues
Occidental's total revenues were $5,293 million, which surpassed the Zacks Consensus Estimate of $4,923 million by 7.5%. The top line, however, decreased 19.9% from the year-ago quarter. The year-over-year decline was due to lower contribution from the Oil &Gas segment.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Oil and Gas revenues for the quarter were $3,664 million, down 27.6% year over year.
Chemical revenues for the quarter were $1,088 million, up 13.1% year over year.
Midstream & Marketing revenues for the quarter were $807 million, down 2.2% year over year.
Production & Sales
Occidental’s total production volume for the first quarter was 1,117 thousand barrels of oil equivalent per day (Mboe/d), which exceeded the upper end of the guided range of 1,085-1,115 Mboe/d. Strong production volumes were attributed to higher volumes from the Permian Resources region. Permian Resources production for the first quarter was 457 Mboe/d, which was near the higher end of the guided range of 450-460 Mboe/d.
For the quarter under review, total sales volume was 1,113 Mboe/d, down 22.3% from 1,432 Mboe/d recorded in the year-ago period. The decline was due to drop in U.S. and International sales volumes.
Realized Prices
First-quarter realized prices for crude oil improved 18.5% year over year to $55.65 per barrel on a worldwide basis. Worldwide realized natural gas liquids prices improved 79.1% from the prior-year quarter to $23.44 per barrel. Worldwide natural gas prices increased 80.1% from the year-ago quarter to $2.36 per thousand cubic feet.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $5,684 million, down 28.7 year over year.
Out of its planned divestiture of $10.2 billion, the company has already completed $8.7 billion and utilized a major portion of the proceeds to lower outstanding debts.
Interest expenses for the reported quarter were up 12.2% to $395 million from $352 million in the year-ago period.
Financial Position
As of Mar 31, 2021, Occidental had cash and cash equivalents of $2,270 million compared with $2,008 million on Dec 31, 2020.
As of Mar 31, 2021, the company had a long-term debt (net of current portion) of $35,466 million compared with $35,745 million on Dec 31, 2020. The decrease in debt level was due to effective management of debt since the acquisition of Anadarko.
For first-quarter 2021, cash from operations was $2,135 million, up from $1,484 million in the prior-year period.
For first-quarter 2021, Occidental’s total capital expenditure was 579 million compared with $1,300 million invested in the year-ago period.
Guidance
For second-quarter 2021, it expects production in the range of 1,140-1,170 Mboe/d and output from Permian Resources in the band of 490-500 Mboe/d. The company expects exploration expenses for the second quarter to be $70 million.
For 2021, Occidental expects production to be 1,140 Mboe/d and output from Permian Resources to be 485 Mboe/d. The company expects exploration expenses for 2021 to be $215 million.
It expects to invest $2.9 billion in 2021 to further strengthen the existing operations. A total of $2.53 billion was invested in 2020. Out of the 2021 projected capital expenditure, $1.2 billion will be invested in the Permian region to bring new wells online.
Zacks Rank
Currently, Occidental carries a Zacks Rank #3 (Hold).
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2021 adjusted earnings of 45 cents, beating the Zacks Consensus Estimate of 35 cents per share by 28.6%.
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2021 adjusted net income of 6 cents per share. The Zacks Consensus Estimate was of a loss of 16 cents.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%.
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Occidental (OXY) Q1 Loss Narrower Than Expected, Sales Top
Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2021 loss of 15 cents per share, narrower than the Zacks Consensus Estimate of a loss of 33 cents. The company incurred a loss of 67 cents per share in the prior-year quarter.
Total Revenues
Occidental's total revenues were $5,293 million, which surpassed the Zacks Consensus Estimate of $4,923 million by 7.5%. The top line, however, decreased 19.9% from the year-ago quarter. The year-over-year decline was due to lower contribution from the Oil &Gas segment.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
Segment Details
Oil and Gas revenues for the quarter were $3,664 million, down 27.6% year over year.
Chemical revenues for the quarter were $1,088 million, up 13.1% year over year.
Midstream & Marketing revenues for the quarter were $807 million, down 2.2% year over year.
Production & Sales
Occidental’s total production volume for the first quarter was 1,117 thousand barrels of oil equivalent per day (Mboe/d), which exceeded the upper end of the guided range of 1,085-1,115 Mboe/d. Strong production volumes were attributed to higher volumes from the Permian Resources region. Permian Resources production for the first quarter was 457 Mboe/d, which was near the higher end of the guided range of 450-460 Mboe/d.
For the quarter under review, total sales volume was 1,113 Mboe/d, down 22.3% from 1,432 Mboe/d recorded in the year-ago period. The decline was due to drop in U.S. and International sales volumes.
Realized Prices
First-quarter realized prices for crude oil improved 18.5% year over year to $55.65 per barrel on a worldwide basis. Worldwide realized natural gas liquids prices improved 79.1% from the prior-year quarter to $23.44 per barrel. Worldwide natural gas prices increased 80.1% from the year-ago quarter to $2.36 per thousand cubic feet.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $5,684 million, down 28.7 year over year.
Out of its planned divestiture of $10.2 billion, the company has already completed $8.7 billion and utilized a major portion of the proceeds to lower outstanding debts.
Interest expenses for the reported quarter were up 12.2% to $395 million from $352 million in the year-ago period.
Financial Position
As of Mar 31, 2021, Occidental had cash and cash equivalents of $2,270 million compared with $2,008 million on Dec 31, 2020.
As of Mar 31, 2021, the company had a long-term debt (net of current portion) of $35,466 million compared with $35,745 million on Dec 31, 2020. The decrease in debt level was due to effective management of debt since the acquisition of Anadarko.
For first-quarter 2021, cash from operations was $2,135 million, up from $1,484 million in the prior-year period.
For first-quarter 2021, Occidental’s total capital expenditure was 579 million compared with $1,300 million invested in the year-ago period.
Guidance
For second-quarter 2021, it expects production in the range of 1,140-1,170 Mboe/d and output from Permian Resources in the band of 490-500 Mboe/d. The company expects exploration expenses for the second quarter to be $70 million.
For 2021, Occidental expects production to be 1,140 Mboe/d and output from Permian Resources to be 485 Mboe/d. The company expects exploration expenses for 2021 to be $215 million.
It expects to invest $2.9 billion in 2021 to further strengthen the existing operations. A total of $2.53 billion was invested in 2020. Out of the 2021 projected capital expenditure, $1.2 billion will be invested in the Permian region to bring new wells online.
Zacks Rank
Currently, Occidental carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Devon Energy Corp. (DVN - Free Report) reported first-quarter 2021 adjusted earnings of 45 cents, beating the Zacks Consensus Estimate of 35 cents per share by 28.6%.
Murphy Oil Corporation (MUR - Free Report) posted first-quarter 2021 adjusted net income of 6 cents per share. The Zacks Consensus Estimate was of a loss of 16 cents.
CNX Resources Corporation (CNX - Free Report) reported first-quarter 2021 adjusted earnings of 36 cents per share, which surpassed the Zacks Consensus Estimate of 28 cents by 28.6%.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>