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Strong Production to Aid Occidental's (OXY) Q1 Earnings
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2022 results on May 10. In the last reported quarter, the company delivered an earnings surprise of 37%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s first-quarter earnings are expected to have been driven by strong production from domestic assets. The improving commodity prices are likely to have a positive impact on OXY’s first-quarter results.
Permian Basin’s all-round oil, natural gas and NGL productions will be major contributors to Occidental’s total production volumes and boost the bottom line in the first quarter.
Expectations
The Zacks Consensus Estimate for first-quarter crude oil production is pegged at 585 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,650 thousand cubic feet per day.
Occidental expects total production in the range of 1,070-1,090 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources within 465-473 MBOE/d.
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
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 #1.
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.
NextDecade Corporation (NEXT - Free Report) is likely to come up with an earnings beat when it reports first-quarter results. NextDecade has an Earnings ESP of +5.88% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for NextDecade’s 2022 EPS implies a surge of 16.2% in the past 60 days.
HighPeak Energy, Inc. (HPK - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 16. HighPeak has an Earnings ESP of +2.97% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for HighPeak Energy’s 2022 EPS implies a surge of 580.3% year over year.
Altus Power Inc. (AMPS - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 16. Altus Power has an Earnings ESP of +300% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Altus Power’s 2022 EPS implies a surge of 150% year over year.
Image: Bigstock
Strong Production to Aid Occidental's (OXY) Q1 Earnings
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2022 results on May 10. In the last reported quarter, the company delivered an earnings surprise of 37%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s first-quarter earnings are expected to have been driven by strong production from domestic assets. The improving commodity prices are likely to have a positive impact on OXY’s first-quarter results.
Permian Basin’s all-round oil, natural gas and NGL productions will be major contributors to Occidental’s total production volumes and boost the bottom line in the first quarter.
Expectations
The Zacks Consensus Estimate for first-quarter crude oil production is pegged at 585 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,650 thousand cubic feet per day.
Occidental expects total production in the range of 1,070-1,090 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources within 465-473 MBOE/d.
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: Occidental’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 #1.
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.
NextDecade Corporation (NEXT - Free Report) is likely to come up with an earnings beat when it reports first-quarter results. NextDecade has an Earnings ESP of +5.88% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for NextDecade’s 2022 EPS implies a surge of 16.2% in the past 60 days.
HighPeak Energy, Inc. (HPK - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 16. HighPeak has an Earnings ESP of +2.97% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for HighPeak Energy’s 2022 EPS implies a surge of 580.3% year over year.
Altus Power Inc. (AMPS - Free Report) is likely to come up with an earnings beat when it reports first-quarter results on May 16. Altus Power has an Earnings ESP of +300% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for Altus Power’s 2022 EPS implies a surge of 150% year over year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.