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Occidental Petroleum Corporation

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Occidental Petroleum’s third-quarter earnings beat the Zacks Consensus Estimate but declined from the prior-year level due to soft commodity prices. Revenues missed estimates and plunged on a year-over-year basis. The company did not gain much from the improvement in sales volume, primarily due to lower realized prices of the products sold. So apart from the highly competitive oil and gas space, volatility in commodity prices remains a primary cause of concern for the company. The company’s efforts to focus on its core oil and gas operations have resulted in strong production growth from Permian basin resources. The Al Hosn gas project will also help the company counter the low price environment.

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