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Occidental Petroleum (OXY) Beats on Q2 Earnings & Revenues

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Occidental Petroleum Corporation (OXY - Free Report) reported second-quarter 2017 earnings of 15 cents per share, beating the Zacks Consensus Estimate of 12 cents by 25%. In the year-ago quarter, the company had posted a loss of 18 cents.

Total Revenue

Occidental Petroleum's total revenue came in at $3,603 million, beating the Zacks Consensus Estimate of $3,059 million. Revenues increased 40.9% year over year from $2,558 million a year ago.
Production

Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased 8% year over year to 601,000 barrels of oil equivalents per day (Boe/d). This decrease in the production volume can be attributed to disruptions arising out of sale of South Texas properties in the month of April.

Realized Prices

Realized prices for crude oil increased 17.4% year over year to $46.55 per barrel worldwide.

Worldwide realized NGL prices increased 29.5% to $18.90 per barrel.

Natural gas prices were up 43.7% to $1.81 per thousand cubic feet.

Financial Position

As of Jun 30, 2017, Occidental Petroleum had cash and cash equivalents of $2,218 million compared with $2,233 million as of Dec 31, 2016.

As of Jun 30, 2017, the company had long-term debt (net of current portion) of $9,324 million compared with $9,819 million as of Dec 31, 2016.

In the reported quarter, its cash from operations was $1,853 million, up 130.8% from $803 million in the prior-year period.

Occidental Petroleum’s total capital expenditure was $779 million in the quarter under review, up 18.6% from $657 million a year ago.

Occidental Petroleum Corporation Price, Consensus and EPS Surprise

 

Peer Releases

Anadarko Petroleum Corporation (APC - Free Report) reported second-quarter 2017 adjusted loss of 77 cents per share, far wider than the Zacks Consensus Estimate of a loss of 37 cents.

Devon Energy Corp. (DVN - Free Report) reported second-quarter 2017 adjusted earnings per share of 34 cents, beating the Zacks Consensus Estimate of 33 cents by a penny.

TOTAL S.A. (TOT - Free Report) reported second-quarter 2017 operating earnings of 97 cents per share (€0.88 per share), lagging the Zacks Consensus Estimate of 98 cents by a penny.

Zacks Rank

Occidental Petroleum currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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