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Occidental (OXY) Q1 Earnings and Revenues Lag Estimates
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Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2023 earnings of $1.09 per share, which missed the Zacks Consensus Estimate of $1.30 by 16.15%. In the year-ago quarter, the company recorded earnings of $2.12 per share.
GAAP earnings in the quarter were $1.00 per share compared with $4.65 in the prior-year period.
Total Revenues
Occidental's total revenues came in at $7,258 million, which missed the Zacks Consensus Estimate of $7,617 million by 3.7%. The top line also declined 14.9% from the year-ago quarter’s figure of $8,533 million.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Oil and Gas revenues totaled $5,325 million for the reported quarter, down 12.3% year over year.
Chemical revenues amounted to $1,405 million, down 16.6% from that reported in the year-ago quarter.
Midstream & Marketing revenues came in at $751 million, down 14.8% year over year.
Production & Sales
Occidental’s total production volume was 1,220 thousand barrels of oil equivalent per day (Mboe/d), higher than the company’s guidance of 1,160-1,200 Mboe/d. Such an outperformance can be attributed to higher volumes from the Permian and Gulf of Mexico segments. Permian’s production for the first quarter totaled 579 Mboe/d, which exceeded the guided range of 555-575 Mboe/d.
Total sales volume came in at 1,214 Mboe/d, up 13% from 1,074 Mboe/d in the year-ago period. The improvement was due to an increase in U.S. sales volume. Out of the total sales volume, 1,014 Mboe/d came from domestic sales.
Realized Prices
Realized prices of crude oil decreased 19.2% year over year to $74.22 per barrel on a worldwide basis. Realized natural gas liquids prices fell 38.4% from the prior-year quarter’s level to $24.41 per barrel globally.
Natural gas prices declined 24.6% from the year-ago quarter’s number to $2.76 per thousand cubic feet worldwide.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $5,624 million, down 2.6% from $5,774 million in the year-ago period.
The company generated $1.7 billion in free cash flow for the same time frame.
Interest expenses decreased 35.8% to $238 million from $371 million in the year-ago quarter.
Occidental repurchased shares worth $752 million, which represents 25% of its $3 billion share repurchase program.
Financial Position
As of Mar 31, 2023, Occidental had cash and cash equivalents of $1,165 million compared with $984 million as of Dec 31, 2022.
As of Mar 31, 2023, the company had long-term debt (net of current portion) of $19,645 million compared with $19,670 million as of Dec 31, 2022. The decrease in the company’s debt level was due to its effective debt management since the acquisition of Anadarko.
Cash flow from operations amounted to $2,870 million in the first quarter compared with $3,239 million a year ago.
Total capital expenditure was $1,461 million compared with $858 million in the year-ago period.
Guidance
For the second quarter of 2023, OXY expects production of 1,156-1,196 Mboe/d. Output from the Permian Resources segment is projected at 558-578 Mboe/d.
Exploration expenses are estimated at $130 million for the same period.
For 2023, OXY anticipates production of 1,170-1,220 Mboe/d. Output from Permian Resources is projected at 565-589 Mboe/d for the entire year.
The company expects exploration expenses of $420 million in 2023.
Occidental plans to invest $5.4-$6.2 billion through the year to further strengthen its operations.
ONEOK Inc. (OKE - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of $2.34, which beat the Zacks Consensus Estimate of $2.07 by 13.04%.
OKE’s long-term (three to five years) earnings growth rate is currently pinned at 7.14%. The consensus estimate for 2023 EPS stands at $5.43, indicating a year-over-year increase of 41.4%.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2023 operating earnings of 59 cents per share, which outdid the Zacks Consensus Estimate of 56 cents by 5.4%.
EVRG’s long-term earnings growth rate is currently pegged at 5.2%. The consensus estimate for 2023 EPS stands at $3.6.
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which beat the Zacks Consensus Estimate of 36 cents by 13.9%.
The consensus mark for 2023 earnings stands at $1.18 per unit. It delivered an average earnings surprise of 11.5% in the last four quarters.
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Occidental (OXY) Q1 Earnings and Revenues Lag Estimates
Occidental Petroleum Corporation (OXY - Free Report) reported first-quarter 2023 earnings of $1.09 per share, which missed the Zacks Consensus Estimate of $1.30 by 16.15%. In the year-ago quarter, the company recorded earnings of $2.12 per share.
GAAP earnings in the quarter were $1.00 per share compared with $4.65 in the prior-year period.
Total Revenues
Occidental's total revenues came in at $7,258 million, which missed the Zacks Consensus Estimate of $7,617 million by 3.7%. The top line also declined 14.9% from the year-ago quarter’s figure of $8,533 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 totaled $5,325 million for the reported quarter, down 12.3% year over year.
Chemical revenues amounted to $1,405 million, down 16.6% from that reported in the year-ago quarter.
Midstream & Marketing revenues came in at $751 million, down 14.8% year over year.
Production & Sales
Occidental’s total production volume was 1,220 thousand barrels of oil equivalent per day (Mboe/d), higher than the company’s guidance of 1,160-1,200 Mboe/d. Such an outperformance can be attributed to higher volumes from the Permian and Gulf of Mexico segments. Permian’s production for the first quarter totaled 579 Mboe/d, which exceeded the guided range of 555-575 Mboe/d.
Total sales volume came in at 1,214 Mboe/d, up 13% from 1,074 Mboe/d in the year-ago period. The improvement was due to an increase in U.S. sales volume. Out of the total sales volume, 1,014 Mboe/d came from domestic sales.
Realized Prices
Realized prices of crude oil decreased 19.2% year over year to $74.22 per barrel on a worldwide basis. Realized natural gas liquids prices fell 38.4% from the prior-year quarter’s level to $24.41 per barrel globally.
Natural gas prices declined 24.6% from the year-ago quarter’s number to $2.76 per thousand cubic feet worldwide.
Highlights of the Release
Occidental’s total expenses for the reported quarter were $5,624 million, down 2.6% from $5,774 million in the year-ago period.
The company generated $1.7 billion in free cash flow for the same time frame.
Interest expenses decreased 35.8% to $238 million from $371 million in the year-ago quarter.
Occidental repurchased shares worth $752 million, which represents 25% of its $3 billion share repurchase program.
Financial Position
As of Mar 31, 2023, Occidental had cash and cash equivalents of $1,165 million compared with $984 million as of Dec 31, 2022.
As of Mar 31, 2023, the company had long-term debt (net of current portion) of $19,645 million compared with $19,670 million as of Dec 31, 2022. The decrease in the company’s debt level was due to its effective debt management since the acquisition of Anadarko.
Cash flow from operations amounted to $2,870 million in the first quarter compared with $3,239 million a year ago.
Total capital expenditure was $1,461 million compared with $858 million in the year-ago period.
Guidance
For the second quarter of 2023, OXY expects production of 1,156-1,196 Mboe/d. Output from the Permian Resources segment is projected at 558-578 Mboe/d.
Exploration expenses are estimated at $130 million for the same period.
For 2023, OXY anticipates production of 1,170-1,220 Mboe/d. Output from Permian Resources is projected at 565-589 Mboe/d for the entire year.
The company expects exploration expenses of $420 million in 2023.
Occidental plans to invest $5.4-$6.2 billion through the year to further strengthen its operations.
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.
Recent Releases
ONEOK Inc. (OKE - Free Report) reported first-quarter 2023 operating earnings per share (EPS) of $2.34, which beat the Zacks Consensus Estimate of $2.07 by 13.04%.
OKE’s long-term (three to five years) earnings growth rate is currently pinned at 7.14%. The consensus estimate for 2023 EPS stands at $5.43, indicating a year-over-year increase of 41.4%.
Evergy, Inc. (EVRG - Free Report) reported first-quarter 2023 operating earnings of 59 cents per share, which outdid the Zacks Consensus Estimate of 56 cents by 5.4%.
EVRG’s long-term earnings growth rate is currently pegged at 5.2%. The consensus estimate for 2023 EPS stands at $3.6.
Plains All American Pipeline, L.P. (PAA - Free Report) reported first-quarter 2023 adjusted earnings of 41 cents per unit, which beat the Zacks Consensus Estimate of 36 cents by 13.9%.
The consensus mark for 2023 earnings stands at $1.18 per unit. It delivered an average earnings surprise of 11.5% in the last four quarters.