Occidental Petroleum Corporation OXY reported third-quarter 2017 earnings of 18 cents per share, beating the Zacks Consensus Estimate of 11 cents by 63.6%. In the year-ago quarter, the company had posted a loss of 15 cents.
Total Revenues
Occidental Petroleum's total revenues came in at $3,105 million, missing the Zacks Consensus Estimate of $3,146 million. However, revenues increased 13.6% year over year from $2,733 million a year ago.
Production
Occidental Petroleum’s average daily net oil, liquids and gas production volume decreased from 605,000 barrels of oil equivalents per day (Boe/d) to 600,000 Boe/d in the reported quarter. This decrease in the production volume was due to the sale of non-core unconventional acreage in the third quarter and impact from Hurricane Harvey.
Realized Prices
Realized prices for crude oil increased 11.3% year over year to $46.19 per barrel worldwide.
Worldwide realized NGL prices increased 38.3% to $20.73 per barrel.
However, Natural gas prices were down 6.5% to $2.15 per thousand cubic feet.
Financial Position
As of Sep 30, 2017, Occidental Petroleum had cash and cash equivalents of $1,806 million compared with $2,233 million as of Dec 31, 2016.
As of Sep 30, 2017, the company had long-term debt (net of current portion) of $9,326 million compared with $9,819 million as of Dec 31, 2016.
In the reported quarter, its cash from operations was $1,070 million, up 63.1% from $656 million in the prior-year period.
Occidental Petroleum’s total capital expenditure was $947 million in the quarter under review, up 47.5% from $642 million a year ago.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation Price, Consensus and EPS Surprise | Occidental Petroleum Corporation Quote
Peer Releases
Anadarko Petroleum Corporation APC reported third-quarter 2017 adjusted loss of 77 cents per share, much wider than the Zacks Consensus Estimate of a loss of 56 cents.
Noble Energy, Inc. NBL incurred adjusted loss of 2 cents per share inthird-quarter 2017, narrower than the Zacks Consensus Estimate of a loss of 13 cents.
Range Resource Corporation RRC reported third-quarter earnings of 5 cents, surpassing the Zacks Consensus Estimate of 2 cents by 150.0%.
Zacks Rank
Occidental Petroleum currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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