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Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2023 results on May 9. In the last reported quarter, the company delivered a negative surprise of 12.02%.
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 its domestic assets. However, first-quarter production is expected to drop sequentially due to scheduled maintenance-related outages in its international locations. Rockies region production is expected to have dropped in the first quarter due to the impact of reduced activity in the past few years.
Occidental’s first-quarter earnings are expected to have benefited from the ongoing share repurchases. Repayment of outstanding debts might have also reduced capital servicing costs and boosted first-quarter margins.
Expectations
Occidental expects first-quarter total production of 1,160-1,200 thousand barrels of oil equivalent per day (MBOE/d) and 555-575 MBOE/d output from Permian Resources.
The Zacks Consensus Estimate for first-quarter crude oil production is pegged at 642 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,656 thousand cubic feet per day.
The Zacks Consensus Estimate for first-quarter earnings per share and total revenues is pinned at $1.30 per share and $7.54 billion, respectively, reflecting a year-over-year decline of 38.7% and 11.7%, respectively.
What Our Quantitative Model Predicts
Our proven model predicts 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 the case here, as you will see below.
Occidental Petroleum Corporation Price and EPS Surprise
Earnings ESP: Occidental’s Earnings ESP is +0.09%.
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 #3.
Other Stocks to Consider
Here are a few more companies from the sector that have the right combination of elements to beat on earnings in the upcoming releases.
Permian Resources Corporation (PR - Free Report) is set to deliver an earnings surprise when it posts first-quarter earnings on May 8, 2023. PR has an Earnings ESP of +2.33%.
Fluence Energy, Inc. (FLNC - Free Report) is set to announce an earnings surprise when it reports fiscal second-quarter earnings on May 10, 2023. FLNC has an Earnings ESP of +20.00% and has a Zacks Rank #3.
The Zacks Consensus Estimate for FLNC’s earnings in 2023 imply year-over-year growth of 69.7%.
Maxeon Solar Technologies (MAXN - Free Report) is set to deliver an earnings surprise when it posts first-quarter earnings on May 10, 2023. PR has an Earnings ESP of +57.07% and a Zacks Rank of 3.
The Zacks Consensus Estimate for MAXN’s earnings in 2023 imply year-over-year growth of 82.57%.
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Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2023 results on May 9. In the last reported quarter, the company delivered a negative surprise of 12.02%.
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 its domestic assets. However, first-quarter production is expected to drop sequentially due to scheduled maintenance-related outages in its international locations. Rockies region production is expected to have dropped in the first quarter due to the impact of reduced activity in the past few years.
Occidental’s first-quarter earnings are expected to have benefited from the ongoing share repurchases. Repayment of outstanding debts might have also reduced capital servicing costs and boosted first-quarter margins.
Expectations
Occidental expects first-quarter total production of 1,160-1,200 thousand barrels of oil equivalent per day (MBOE/d) and 555-575 MBOE/d output from Permian Resources.
The Zacks Consensus Estimate for first-quarter crude oil production is pegged at 642 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,656 thousand cubic feet per day.
The Zacks Consensus Estimate for first-quarter earnings per share and total revenues is pinned at $1.30 per share and $7.54 billion, respectively, reflecting a year-over-year decline of 38.7% and 11.7%, respectively.
What Our Quantitative Model Predicts
Our proven model predicts 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 the case here, as you will see below.
Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: Occidental’s Earnings ESP is +0.09%.
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 #3.
Other Stocks to Consider
Here are a few more companies from the sector that have the right combination of elements to beat on earnings in the upcoming releases.
Permian Resources Corporation (PR - Free Report) is set to deliver an earnings surprise when it posts first-quarter earnings on May 8, 2023. PR has an Earnings ESP of +2.33%.
PR currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fluence Energy, Inc. (FLNC - Free Report) is set to announce an earnings surprise when it reports fiscal second-quarter earnings on May 10, 2023. FLNC has an Earnings ESP of +20.00% and has a Zacks Rank #3.
The Zacks Consensus Estimate for FLNC’s earnings in 2023 imply year-over-year growth of 69.7%.
Maxeon Solar Technologies (MAXN - Free Report) is set to deliver an earnings surprise when it posts first-quarter earnings on May 10, 2023. PR has an Earnings ESP of +57.07% and a Zacks Rank of 3.
The Zacks Consensus Estimate for MAXN’s earnings in 2023 imply year-over-year growth of 82.57%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.