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Occidental (OXY) Q2 Earnings and Revenues Beat Estimates
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Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2022 earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.93 by 7.9%. Earnings in the second quarter were better than our estimate of $2.46 per share. In the year-ago quarter, the company reported earnings of 32 cents. Earnings improved year over year due to an increase in operating efficiencies and commodity prices.
GAAP earnings of Occidental in second-quarter 2022 were $3.47 per share against a loss of 10 cents in the year-ago quarter.
Total Revenues
Occidental's total revenues were $10,735 million, which surpassed the Zacks Consensus Estimate of $9,779 million by 10.2%. The top line also improved 78.6% from the year-ago quarter. The year-over-year improvement was due to a rise in contribution from all its segments. Total revenues were higher than our estimate of $8,812.2 million.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Oil and Gas revenues for the quarter were $7,696 million, up 70.8% year over year.
Chemical revenues for the quarter were $1,909 million, up 60.8% year over year.
Midstream & Marketing revenues for the quarter were $1,474 million, up 196.6% year over year.
Production & Sales
Occidental’s total production volume for the second quarter was 1,147 thousand barrels of oil equivalent per day (Mboe/d), which was within the company’s guidance of 1,130-1,160 Mboe/d. Strong production volumes were attributed to higher volumes from the Rockies and Other Domestic assets. Permian Resources’ production for the second quarter was 493 Mboe/d, which was near the upper end of the guidance of 488-498 Mboe/d.
For the quarter under review, total sales volume was 1,150 Mboe/d, down 4.1% from 1,199 Mboe/d recorded in the year-ago period. The decline was due to a drop in U.S. and international sales volume.
Realized Prices
Second-quarter realized prices of crude oil improved 67.8% year over year to $107.72 per barrel on a worldwide basis. Realized natural gas liquids’ prices also improved 67.8% from the prior-year quarter to $42.04 per barrel worldwide.
Natural gas prices increased 114.9% from the year-ago quarter to $5.03 per thousand cubic feet worldwide. The company benefited from a worldwide improvement in commodity prices.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $6,077 million, up 4.4% year over year.
The company generated $4.2 billion in free cash flow in the second quarter and repaid debts of $4.8 billion, further strengthening the balance sheet.
Interest expenses for the reported quarter were down 70.4% to $114 million from $385 million in the year-ago period.
Occidental repurchased more than 18 million shares for $1.1 billion through Aug 1, 2022.
Financial Position
As of Jun 30, 2022, Occidental had cash and cash equivalents of $1,362 million compared with $2,764 million as of Dec 31, 2021.
As of Jun 30, 2022, the company had long-term debt (net of current portion) of $21,743 million compared with $29,431 million as of Dec 31, 2021. The decrease in the debt level was due to the effective management of debt since the acquisition of Anadarko.
For second-quarter 2022, cash flow from operations was $5,148 million, up from $2,710 million in the prior-year period.
Occidental’s total capital expenditure for second-quarter 2022 was $972 million compared with $698 million invested in the year-ago period.
Guidance
For third-quarter 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 523-533 Mboe/d. Occidental expects third-quarter exploration expenses of $75 million.
For 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 516-526 Mboe/d. Occidental expects 2022 exploration expenses of $215 million.
Occidental has plans to invest $3.9-$4.3 billion in 2022 to further strengthen its operation.
Devon Energy Corp. (DVN - Free Report) reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.9%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 24.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 80.1%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 105.9%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.
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Occidental (OXY) Q2 Earnings and Revenues Beat Estimates
Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2022 earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.93 by 7.9%. Earnings in the second quarter were better than our estimate of $2.46 per share. In the year-ago quarter, the company reported earnings of 32 cents. Earnings improved year over year due to an increase in operating efficiencies and commodity prices.
GAAP earnings of Occidental in second-quarter 2022 were $3.47 per share against a loss of 10 cents in the year-ago quarter.
Total Revenues
Occidental's total revenues were $10,735 million, which surpassed the Zacks Consensus Estimate of $9,779 million by 10.2%. The top line also improved 78.6% from the year-ago quarter. The year-over-year improvement was due to a rise in contribution from all its segments. Total revenues were higher than our estimate of $8,812.2 million.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
Segmental Details
Oil and Gas revenues for the quarter were $7,696 million, up 70.8% year over year.
Chemical revenues for the quarter were $1,909 million, up 60.8% year over year.
Midstream & Marketing revenues for the quarter were $1,474 million, up 196.6% year over year.
Production & Sales
Occidental’s total production volume for the second quarter was 1,147 thousand barrels of oil equivalent per day (Mboe/d), which was within the company’s guidance of 1,130-1,160 Mboe/d. Strong production volumes were attributed to higher volumes from the Rockies and Other Domestic assets. Permian Resources’ production for the second quarter was 493 Mboe/d, which was near the upper end of the guidance of 488-498 Mboe/d.
For the quarter under review, total sales volume was 1,150 Mboe/d, down 4.1% from 1,199 Mboe/d recorded in the year-ago period. The decline was due to a drop in U.S. and international sales volume.
Realized Prices
Second-quarter realized prices of crude oil improved 67.8% year over year to $107.72 per barrel on a worldwide basis. Realized natural gas liquids’ prices also improved 67.8% from the prior-year quarter to $42.04 per barrel worldwide.
Natural gas prices increased 114.9% from the year-ago quarter to $5.03 per thousand cubic feet worldwide. The company benefited from a worldwide improvement in commodity prices.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $6,077 million, up 4.4% year over year.
The company generated $4.2 billion in free cash flow in the second quarter and repaid debts of $4.8 billion, further strengthening the balance sheet.
Interest expenses for the reported quarter were down 70.4% to $114 million from $385 million in the year-ago period.
Occidental repurchased more than 18 million shares for $1.1 billion through Aug 1, 2022.
Financial Position
As of Jun 30, 2022, Occidental had cash and cash equivalents of $1,362 million compared with $2,764 million as of Dec 31, 2021.
As of Jun 30, 2022, the company had long-term debt (net of current portion) of $21,743 million compared with $29,431 million as of Dec 31, 2021. The decrease in the debt level was due to the effective management of debt since the acquisition of Anadarko.
For second-quarter 2022, cash flow from operations was $5,148 million, up from $2,710 million in the prior-year period.
Occidental’s total capital expenditure for second-quarter 2022 was $972 million compared with $698 million invested in the year-ago period.
Guidance
For third-quarter 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 523-533 Mboe/d. Occidental expects third-quarter exploration expenses of $75 million.
For 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 516-526 Mboe/d. Occidental expects 2022 exploration expenses of $215 million.
Occidental has plans to invest $3.9-$4.3 billion in 2022 to further strengthen its operation.
Zacks Rank
Currently, Occidental has 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 second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.
The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.9%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.
CNX Resources Corporation (CNX - Free Report) reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.
CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 24.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 80.1%.
TotalEnergies SE (TTE - Free Report) reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.
The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 105.9%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters.