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Compared to Estimates, Occidental (OXY) Q2 Earnings: A Look at Key Metrics
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Occidental Petroleum (OXY - Free Report) reported $6.73 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 37.3%. EPS of $0.68 for the same period compares to $3.16 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $6.8 billion, representing a surprise of -0.95%. The company delivered an EPS surprise of -2.86%, with the consensus EPS estimate being $0.70.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Occidental performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Worldwide Sales - Total Continuing Operations Production Per Day: 1218 MBOE/D versus 1179.04 MBOE/D estimated by eight analysts on average.
Average Realized Prices - Natural Gas - Total Worldwide: $1.5 per thousand cubic feet versus the seven-analyst average estimate of $1.55 per thousand cubic feet.
Net Production Volumes Per Day By Commodity - Oil - Total Worldwide: 628 MBBL/D versus 616.28 MBBL/D estimated by six analysts on average.
Average Realized Prices - NGLs - Total Worldwide: $19.08 per barrel of oil equivalent versus $20.74 per barrel of oil equivalent estimated by six analysts on average.
Net Production Volumes Per Day By Commodity-Natural Gas - Total Worldwide: 1819 MMcf/D versus 1769.75 MMcf/D estimated by six analysts on average.
Average Realized Prices - Oil - Total Worldwide: $73.59 per barrel versus the six-analyst average estimate of $72.65 per barrel.
Average Realized Prices - NGLs - International: $28.45 per barrel versus $27.12 per barrel estimated by three analysts on average.
Net Production Volumes Per Day By Commodity - NGLs - United States: 251 MBBL/D compared to the 230.62 MBBL/D average estimate based on three analysts.
Net sales- Oil and gas: $4.94 billion versus $4.82 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -35.8% change.
Net sales- Eliminations: -$230 million versus the four-analyst average estimate of -$308.01 million. The reported number represents a year-over-year change of -42.9%.
Net sales- Midstream & marketing: $616 million versus $1.03 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -58.2% change.
Net sales- Chemical: $1.38 billion versus the four-analyst average estimate of $1.39 billion. The reported number represents a year-over-year change of -28%.
Shares of Occidental have returned +5.8% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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Compared to Estimates, Occidental (OXY) Q2 Earnings: A Look at Key Metrics
Occidental Petroleum (OXY - Free Report) reported $6.73 billion in revenue for the quarter ended June 2023, representing a year-over-year decline of 37.3%. EPS of $0.68 for the same period compares to $3.16 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $6.8 billion, representing a surprise of -0.95%. The company delivered an EPS surprise of -2.86%, with the consensus EPS estimate being $0.70.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Occidental performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Worldwide Sales - Total Continuing Operations Production Per Day: 1218 MBOE/D versus 1179.04 MBOE/D estimated by eight analysts on average.
- Average Realized Prices - Natural Gas - Total Worldwide: $1.5 per thousand cubic feet versus the seven-analyst average estimate of $1.55 per thousand cubic feet.
- Net Production Volumes Per Day By Commodity - Oil - Total Worldwide: 628 MBBL/D versus 616.28 MBBL/D estimated by six analysts on average.
- Average Realized Prices - NGLs - Total Worldwide: $19.08 per barrel of oil equivalent versus $20.74 per barrel of oil equivalent estimated by six analysts on average.
- Net Production Volumes Per Day By Commodity-Natural Gas - Total Worldwide: 1819 MMcf/D versus 1769.75 MMcf/D estimated by six analysts on average.
- Average Realized Prices - Oil - Total Worldwide: $73.59 per barrel versus the six-analyst average estimate of $72.65 per barrel.
- Average Realized Prices - NGLs - International: $28.45 per barrel versus $27.12 per barrel estimated by three analysts on average.
- Net Production Volumes Per Day By Commodity - NGLs - United States: 251 MBBL/D compared to the 230.62 MBBL/D average estimate based on three analysts.
- Net sales- Oil and gas: $4.94 billion versus $4.82 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -35.8% change.
- Net sales- Eliminations: -$230 million versus the four-analyst average estimate of -$308.01 million. The reported number represents a year-over-year change of -42.9%.
- Net sales- Midstream & marketing: $616 million versus $1.03 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a -58.2% change.
- Net sales- Chemical: $1.38 billion versus the four-analyst average estimate of $1.39 billion. The reported number represents a year-over-year change of -28%.
View all Key Company Metrics for Occidental here>>>Shares of Occidental have returned +5.8% over the past month versus the Zacks S&P 500 composite's +3% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.