Occidental Petroleum (NYSE: OXY), part of Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) portfolio, has extended losses to levels not seen in over two years.At the end of the December 4 trading session, OXY was valued at $48.90, down 2.98% for the day, marking the stock’s lowest close since March 2022 and a breach of the ‘danger zone.’The zone lies below the crucial $49 to $50 range, which has been a key support for the energy company since early 2022.  This support was key by anchoring Occidental Petrol ...

Occidental Petroleum’s (OXY) share price has dropped 15.5% in the last six months against the Zacks Oil and Gas Integrated – United States growth of 3.7%. The broader Zacks Oil and Energy sector dropped 4.1% in the same time frame.In the same time period, its peer ConocoPhillips (COP) has lost 3.1%, while Cactus Inc. (WHD) has gained 36.2%, both outperforming Occidental’s share price performance.OXY exposure to fluctuating market prices of commodities remains a concern. As of Dec. 31, 2023, there were no ac ...

After a few months of lackluster price action in the energy sector, most investors have shied away from some of the best names in the sector, especially those in the crude oil industry. Whether the news about the current oil demand makes sense or not, investors need to think of the energy space as one of the most under-owned market corners today. Even Paul Tudor Jones said in a recent CNBC interview that commodities today are severely under-owned. Judging by the price action in other commodities, investors ...

The oil industry is currently undergoing a massive consolidation wave. Sector leader ExxonMobil kicked things off by acquiring Pioneer Natural Resources in a more than $60 billion deal. Chevron followed it by agreeing to buy Hess for $60 billion. Several other oil companies also struck deals to acquire smaller rivals, including Occidental Petroleum (OXY 1.88%), which bought CrownRock in a $12 billion deal. One of the critical differences between Occidental's deal and the acquisitions of its larger peers is ...

Warren Buffett once said, "Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway." It's fair to say that Buffett doesn't think too highly of Wall Street analysts' opinions. However, analysts think highly of some stocks that Buffett likes. As a case in point, $12.9 billion of Buffett's Berkshire Hathaway (BRK.A) (BRK.B 0.55%) portfolio is invested in one stock that could soar 25% over the next 12 months, according to Wall Street. One of Buffett's favo ...

Occidental (NYSE: OXY ) is unlike any other oil company and for this reason, it is broadly misunderstood and undervalued. Their extensive Delaware basin acreage is the reason why. While others also produce in the basin, Occidental has the largestLong-Term Focussed In-Depth Fundamental Analysis. - Former Associate at a $10 billion hedge fund, with 15 years of professional experience in equity markets. - Holds a First-Class Honours degree in Financial Economics from the University of London and is a CFA Level ...

Anyone watching the Occidental Petroleum NYSE: OXY market will know that Warren Buffett has driven the price action. Fundamental qualities aside, Berkshire Hathaway's NYSE: BRK.A stock purchases began in early 2022, coinciding with an updraft in share prices, and have supported the stock numerous times since. With the stock falling below the trigger point, the question is if he’ll take the bait and buy more. The Berkshire stake is already approaching 30% but could quickly grow to over 40% if more stock is b ...

Occidental Petroleum (OXY 1.65%) expected its acquisition of CrownRock to move the needle for investors. So far, so good for the oil giant. It delivered robust free cash flow during the third quarter, which allowed it to continue strengthening its balance sheet. Here's a closer look at the quarter and what's ahead for the oil company.Drilling down into Occidental Petroleum's third-quarter resultsOccidental Petroleum produced $977 million, or $1 per share, of adjusted net income during the third quarter. Tha ...

Financial Data and Key Metrics Changes - In Q3 2024, the company generated an adjusted profit of $1 per diluted share and a reported profit of $0.98 per diluted share, with a significant free cash flow of $1.5 billion before working capital [34][35] - The company finished the quarter with $1.8 billion of unrestricted cash, reflecting strong operational performance despite adverse weather conditions and commodity price volatility [35][36] - Domestic lease operating expenses were reported at $8.68 per barrel, the lowest since Q1 2022, indicating improved operational efficiency [37] Business Line Data and Key Metrics Changes - The Oil & Gas segment exceeded production guidance, achieving the highest quarterly U.S. production in the company's history, driven by strong new well performance and higher uptime in the Permian Basin [7][8] - The Chemicals and Midstream segments also outperformed, with the Midstream segment generating positive earnings approximately $145 million above the midpoint of guidance [15][38] - The company raised its full-year production guidance for the Permian, anticipating an additional 12,000 BOE per day in Q4, with 9,000 BOE from CrownRock assets [40][41] Market Data and Key Metrics Changes - The Delaware Basin continued to perform at an industry-leading level, with a notable well producing 1.2 million barrels of oil in the first 90 days [9] - The company reported a drop in the gas-oil ratio in the Permian, attributed to the growth in unconventional production and the integration of CrownRock assets [102][105] Company Strategy and Development Direction - The company is focused on maintaining activity levels in the CrownRock area while slightly lowering capital in other oil and gas areas, preparing for potential price declines [57][60] - The integration of CrownRock assets is expected to unlock operational efficiencies and enhance margins, with a commitment to leveraging shared infrastructure for cost savings [19][21][70] - The company is advancing its low-carbon initiatives, including the construction of the STRATOS direct air capture facility, which is on track for completion in mid-2025 [23][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in oil prices and the potential for a softer commodity backdrop in 2025, emphasizing a conservative approach to capital allocation [54][56] - The leadership team is optimistic about the long-term potential of the Permian Basin, expecting continued efficiency improvements and production growth from secondary benches [81][82] - The company remains committed to debt reduction, having repaid $4 billion in Q3, nearly 90% of its near-term commitment [32][33] Other Important Information - The company is targeting a capital budget of approximately $450 million for low-carbon ventures in 2025, a decrease from 2024, while the chemicals capital budget is expected to increase to $900 million [44][45] - The company has identified nearly $10 million in expected savings from water integration across assets, enhancing operational efficiency [20] Q&A Session Summary Question: Concerns about commodity outlook and capital implications - Management reviews macroeconomic factors weekly and acknowledges risks to prices in 2025, planning to maintain activity levels in CrownRock while adjusting capital in other areas as needed [54][57] Question: Deleveraging capacity and options - Management highlighted various opportunities for deleveraging, including a strong portfolio in the Permian and ongoing divestitures [62][63] Question: Oil mix in the Permian and future drilling programs - Management indicated that the oil mix may fluctuate due to the integration of CrownRock and the development of secondary benches, with a focus on maintaining production efficiency [72][75] Question: Goals for debt reduction and balance sheet outlook - Management expressed confidence in continuing debt reduction efforts regardless of commodity prices, targeting further progress in 2025 [78] Question: Direct air capture project milestones and economics - The DAC project is progressing well, with significant completion milestones expected by mid-2025, and management remains optimistic about its long-term commercial viability [84][87]

Occidental Petroleum Corporation (OXY) reported third-quarter 2024 earnings of $1 per share, which surpassed the Zacks Consensus Estimate of 80 cents by 25%. In the year-ago quarter, the company recorded earnings of $1.18 per share. GAAP earnings were 98 cents per share compared with $1.20 in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Total Revenues of OXYTotal revenues was $7.15 billion, which lagged the Zacks Consensus Estimate of $7.40 billion by 3.4%. T ...