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Occidental Petroleum (OXY) came out with quarterly earnings of $1 per share, beating the Zacks Consensus Estimate of $0.80 per share. This compares to earnings of $1.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this oil and gas exploration and production company would post earnings of $0.77 per share when it actually produced earnings of $1.03, delivering a surprise of 33.77%.Over ...

Cash Flow and Capital Expenditures - Occidental generated cash flow from continuing operations of $8.2 billion and incurred capital expenditures of $5.2 billion during the first nine months of 2024[96] - Operating cash flow from continuing operations was $8.2 billion for the nine months ended September 30, 2024, down from $9.1 billion in 2023, primarily due to working capital cash uses and lower realized pricing in the chemical segment[128] - Net cash used by investing activities was $12.8 billion for the nine months ended September 30, 2024, compared to $5.0 billion in 2023, including $8.8 billion for the CrownRock Acquisition[129] - Capital expenditures were approximately $5.2 billion for the nine months ended September 30, 2024, up from $4.7 billion in 2023, driven by the construction of the STRATOS DAC facility and increased activities in the domestic oil and gas segment[129] Debt and Financing - Occidental issued $9.7 billion in new debt in July 2024 and assumed $1.2 billion of existing CrownRock debt in August 2024[97] - Occidental repaid $4.0 billion of debt in the three months ended September 30, 2024[97] - Interest and debt expense increased to $848 million in YTD 2024 from $698 million in YTD 2023, due to higher long-term debt for the CrownRock Acquisition[110] - Occidental's net cash provided by financing activities was $5.0 billion for the nine months ended September 30, 2024, including $9.6 billion from debt issuance and $571 million from common stock issuance[130] - Occidental repaid $4.0 billion of debt in the nine months ended September 30, 2024[130] - Occidental has debt maturities of $1.5 billion in 2025, $4.1 billion in 2026, $1.5 billion in 2027, and $17.8 billion thereafter[130] Dividends and Share Repurchases - Occidental declared dividends to common shareholders of $606 million or $0.66 per share during the nine months ended September 30, 2024[99] - Occidental has approximately $1.2 billion remaining under its share repurchase program authorized in 2023[131] Asset Sales and Gains - Occidental sold non-core assets in the Powder River Basin and certain Delaware Basin assets for combined net proceeds of $779 million in Q3 2024[101] - Occidental recognized a pre-tax loss of $479 million on the asset sales in Q3 2024[101] - Occidental sold 19.5 million of its limited partner units in WES for proceeds of $697 million resulting in a pre-tax gain of $489 million in Q3 2024[101] - Gains on sales of assets for YTD 2024 included $779 million from non-core asset sales and a $489 million pre-tax gain from selling 19.5 million WES units[112] Net Income and Earnings - Net income attributable to common stockholders was $964 million for the three months ended September 30, 2024, a 3% decrease compared to the previous quarter[104] - Net income per share attributable to common stockholders was $0.98 for the three months ended September 30, 2024, a 5% decrease compared to the previous quarter[104] - Net income for Q3 2024 decreased compared to Q2 2024 due to lower crude oil prices, higher interest expense, and lower midstream earnings, partially offset by increased sales volumes from the CrownRock Acquisition[108] - Oil and gas segment earnings decreased to $1.2 billion in Q3 2024 from $1.6 billion in Q2 2024, primarily due to lower domestic crude oil prices[116] - Oil and gas segment earnings were $4.0 billion for the nine months ended September 30, 2024, compared to $4.7 billion for the same period in 2023, with a slight decrease due to lower domestic gas prices[117] - Chemical segment earnings for the nine months ended September 30, 2024 were $854 million, down from $1.3 billion in 2023, primarily due to lower realized pricing across most product lines[121] - Midstream and marketing segment earnings for the nine months ended September 30, 2024 were $714 million, compared to segment losses of $158 million in 2023, driven by higher gas marketing margin and equity method investment income[124] Sales Volumes and Prices - The average WTI price per barrel for the three months ended September 30, 2024 was $75.09, compared to $80.56 for the three months ended June 30, 2024[94] - Net sales for YTD 2024 decreased to $19.965 billion compared to $21.085 billion in YTD 2023, primarily due to lower chemical and domestic gas prices[111] - Oil and gas segment sales volumes increased to 1,411 Mboe/day in Q3 2024 from 1,260 Mboe/day in Q2 2024, driven by higher U.S. oil and NGL production[114] - Average daily sales volumes increased by 151 Mboe/d in Q3 2024 compared to Q2 2024, driven by the CrownRock Acquisition and production increases in the Permian Basin[116] Segment Performance - Midstream and marketing segment income increased to $709 million in YTD 2024 from a loss of $50 million in YTD 2023, driven by asset sales gains and higher gas marketing margins[106][109] - Depreciation, depletion, and amortization expenses increased to $5.394 billion in YTD 2024 from $5.142 billion in YTD 2023, primarily due to higher Permian Basin sales volumes[110][112] - Income from equity investments and other increased to $709 million in YTD 2024 from $391 million in YTD 2023, driven by asset sales gains and higher WES operating income[110][112] - Chemical segment costs of sales increased to $2.369 billion in YTD 2024 from $2.218 billion in YTD 2023, reflecting higher production costs[110] Acquisition and Related Costs - Acquisition-related costs for YTD 2024 totaled $141 million, primarily related to the CrownRock Acquisition[106] Tax and Liquidity - Worldwide effective tax rate was 28% for the three months ended September 30, 2024, consistent with the same period in 2023[125] - Occidental's sources of liquidity as of September 30, 2024 included $1.8 billion of cash and cash equivalents and $4.15 billion of borrowing capacity under its RCF[127] Environmental and Legal - Occidental's environmental compliance costs have generally increased over time and are expected to rise in the future[132] - Occidental accrues reserves for outstanding lawsuits, claims, and proceedings when probable and reasonably estimable[135]

HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced its third quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company’s website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission’s website at sec.gov. The company will hold a conference call to discuss the results on Wednesday, November 13, 2024, at 1 p.m. Eastern/12 p.m. Central. The c ...

Share Information - Average diluted shares outstanding for Q3 2024 were 975.7 million shares[2] Oil Prices - Average realized oil prices in the United States were $74.81 per barrel, internationally $78.54 per barrel, and worldwide $75.33 per barrel[3] - Worldwide oil realized prices were 100% of average WTI and 96% of average Brent prices[3] NGL Prices - Average realized NGL prices in the United States were $19.50 per barrel, internationally $28.48 per barrel, and worldwide $20.47 per barrel[3] - Worldwide NGL realized prices were 27% of average WTI prices[3] Natural Gas Prices - Average realized natural gas prices in the United States were $0.40 per Mcf, internationally $1.90 per Mcf, and worldwide $0.76 per Mcf[3] - Domestic natural gas realized prices were 17% of average NYMEX prices[3] Acquisitions and Integration - The company completed the acquisition of CrownRock, L.P., with associated integration and financial projection risks[5] Risks and Uncertainties - Occidental faces uncertainties in oil, NGL, and natural gas reserve estimates and production levels[5] - The company is exposed to risks from global economic conditions, commodity price volatility, and regulatory changes[5]

Occidental Petroleum Corporation (OXY) is expected to report an improvement in its top line and a decline in bottom lines when it reports third-quarter 2024 results on Nov. 12, after market close.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The Zacks Consensus Estimate for OXY’s third-quarter revenues is pegged at $7.47 billion, indicating a nearly 1% increase from the year-ago reported figure.The consensus estimate for earnings is pegged at 81 cents per share. The Zacks Consensu ...

The market expects Occidental Petroleum (OXY) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on November 12, 2024, might help the stock move higher if these key ...

The Occidental Petroleum Headquarters is seen on December 11, 2023 in The Woodlands, Texas. Getty ImagesOccidental Petroleum Corporation (Oxy) are embarking on a spectacular venture to reduce greenhouse gas (GHG) emissions in the Permian basin. Warren Buffet is riding along, owning 29% of Oxy stock. What do Oxy and Warren Buffet see that others don’t?The Concept Of Direct Air CaptureVicki Hollub, who is chairman of Oxy, dangles the tantalizing idea that if we could remove enough CO2 from the sky, we could s ...

Occidental Petroleum Corporation's (OXY) shares are currently trading at a premium compared to its Zacks Oil and Gas - Integrated - United States industry. OXY's current trailing 12-month Enterprise Value/Earnings before Interest Tax Depreciation and Amortization (EV/EBITDA) is 5.3X compared with the industry average of 4.51X. It indicates that the company is presently marginally overvalued compared to its industry. Another company operating in this space, ConocoPhillips (COP) , is trading EV/EBITDA of 5.09 ...

The oil company is steadily reducing its reliance on oil and gas. Occidental Petroleum (OXY -1.09%) is one of the country's largest oil and gas producers. It recently increased its exposure to the oil market by acquiring CrownRock in a $12 billion deal. That acquisition will add $1 billion to the company's annual free cash flow, assuming oil prices average around $70 a barrel. Unfortunately for Occidental, crude prices have recently slumped below that level. While lower oil prices will affect the company's ...