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Occidental (OXY) to Post Q3 Earnings: What's in the Offing?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2021 results on Nov 4. In the last reported quarter, the company’s earnings were on par with expectation.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have been driven by strong production from domestic assets. The company’s third-quarter results will likely get a boost from an improvement in commodity prices.
Excellent debt management through repayment and refinancing is likely to have reduced the company’s capital servicing expenses in the third quarter. Occidental is likely to have gained from cost-management initiatives.
Expectations
The Zacks Consensus Estimate for third-quarter crude oil production is pegged at 615 thousand barrels of oil per day. The company expects production in the range of 1,130-1,160 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources within 484-494 MBOE/d.
The Zacks Consensus Estimate for the bottom line for the third quarter is pegged at 65 cents per share, indicating a 177.4% improvement from the prior-year reported number.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Earnings ESP: The company’s Earnings ESP is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #2.
Stocks to Consider
Here are a few companies in the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Diamondback Energy, Inc. (FANG - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 1. It has an Earnings ESP of +0.50% and a Zacks Rank of 1, currently.
Apache Corporation (APA - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 4. It has an Earnings ESP of +0.42% and a Zacks Rank of 1, currently.
EOG Resources Inc. (EOG - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 5. It has an Earnings ESP of +2.16% and a Zacks Rank of 1, currently.
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Occidental (OXY) to Post Q3 Earnings: What's in the Offing?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2021 results on Nov 4. In the last reported quarter, the company’s earnings were on par with expectation.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have been driven by strong production from domestic assets. The company’s third-quarter results will likely get a boost from an improvement in commodity prices.
Excellent debt management through repayment and refinancing is likely to have reduced the company’s capital servicing expenses in the third quarter. Occidental is likely to have gained from cost-management initiatives.
Expectations
The Zacks Consensus Estimate for third-quarter crude oil production is pegged at 615 thousand barrels of oil per day. The company expects production in the range of 1,130-1,160 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources within 484-494 MBOE/d.
The Zacks Consensus Estimate for the bottom line for the third quarter is pegged at 65 cents per share, indicating a 177.4% improvement from the prior-year reported number.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you see below. You can see the complete list of today’s Zacks #1 Rank stocks here.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: The company’s Earnings ESP is 0.00%.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Occidental currently carries a Zacks Rank #2.
Stocks to Consider
Here are a few companies in the same sector that have the right combination of elements to beat on earnings in the upcoming releases.
Diamondback Energy, Inc. (FANG - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 1. It has an Earnings ESP of +0.50% and a Zacks Rank of 1, currently.
Apache Corporation (APA - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 4. It has an Earnings ESP of +0.42% and a Zacks Rank of 1, currently.
EOG Resources Inc. (EOG - Free Report) is likely to come up with an earnings beat when it reports third-quarter 2021 results on Nov 5. It has an Earnings ESP of +2.16% and a Zacks Rank of 1, currently.