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Occidental's (OXY) Q1 Earnings and Revenues Beat Estimates

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Occidental Petroleum Corporation OXY reported first-quarter 2022 earnings of $2.12 per share, beating the Zacks Consensus Estimate of $1.97 by 7.6%. Earnings improved year over year due to an increase in operating efficiencies and commodity prices.

GAAP earnings of Occidental in first-quarter 2022 were $4.65 per share compared with $1.37 in the year-ago quarter.

Total Revenues

Occidental's total revenues were $8,533 million, which surpassed the Zacks Consensus Estimate of $7,960 million by 7.2%. The top line also improved 55.7% from the year-ago quarter. The year-over-year improvement was due to a rise in contribution from all its segments.

Occidental Petroleum Corporation Price, Consensus and EPS Surprise

Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation Price, Consensus and EPS Surprise

Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote

Segment Details

Oil and Gas revenues for the quarter were $6,075 million, up 65.8% year over year.

Chemical revenues for the quarter were $1,684 million, up 54.8% year over year.

Midstream & Marketing revenues for the quarter were $882 million, up 9.3% year over year.

Production & Sales

Occidental’s total production volume for the first quarter was 1,079 thousand barrels of oil equivalent per day (Mboe/d), which was within the guided range of 1,070-1,090 Mboe/d. Strong production volumes were attributed to higher volumes from the Rockies and Other Domestic assets. Permian Resources’ production for the first quarter was 472 Mboe/d, which was near the upper end of the guided range of 465-473 Mboe/d.

For the quarter under review, total sales volume was 1,074 Mboe/d, down 3.5% from 1,113 Mboe/d recorded in the year-ago period. The decline was due to a drop in U.S. and international sales volume.

Realized Prices

First-quarter realized prices of crude oil improved 72.1% year over year to $91.91 per barrel on a worldwide basis. Realized natural gas liquids prices also improved 68.9% from the prior-year quarter to $39.61 per barrel, worldwide.

Natural gas prices increased 55.1% from the year-ago quarter to $3.66 per thousand cubic feet, worldwide. The company benefited from a worldwide improvement in commodity prices.

Highlights of the Release

Occidental’s total expenses for the reported quarter were $5,774 million, up 1.6% year over year.

Occidental generated $3.3 billion free cash flow in the first quarter and repaid debts worth $3.3 billion, further strengthening the balance sheet.

Interest expenses for the reported quarter were down 6.1% to $371 million from $395 million in the year-ago period.

Financial Position

As of Mar 31, 2022, Occidental had cash and cash equivalents of $1,909 million compared with $2,764 million as of Dec 31, 2021.

As of Mar 31, 2022, the company had long-term debt (net of current portion) of $25,865 million compared with $29,431 million as of Dec 31, 2021. The decrease in debt-level was due to effective management of debt since the acquisition of Anadarko.

For first-quarter 2022, cash flow from operations was $4,178 million, up from $2,135 million in the prior-year period.

Occidental’s total capital expenditure for first-quarter 2022 was $858 million compared with $579 million invested in the year-ago period.

Guidance

For second-quarter 2022, OXY expects production in the range of 1,130-1,160 Mboe/d and output from Permian Resources in the band of 488-498 Mboe/d. Occidental expects exploration expenses of $50 million.

For 2022, OXY expects production in the range of 1,140-1,170 Mboe/d and output from Permian Resources in the band of 527-537 Mboe/d.

Zacks Rank

Currently, Occidental has a Zacks Rank #2 (Buy).

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

Other Releases

Devon Energy Corp. DVN reported first-quarter 2022 adjusted earnings of $1.88 per share, beating the Zacks Consensus Estimate of $1.75 by 8%.

The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 140.5%. Devon Energy reported an average surprise of 13.4% in the last four reported quarters.

CNX Resources Corporation CNX reported first-quarter 2022 adjusted earnings of 79 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 31.7%.

CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 19.7%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 72.1%.

Murphy Oil Corporation MUR posted first-quarter 2022 adjusted net income of 73 cents per share, beating the Zacks Consensus Estimate of 59 cents by 23.7%.

The Zacks Consensus Estimate for MUR’s 2022 earnings implies year-over-year growth of nearly 283%. Murphy Oil reported an average surprise of 49.9% in the last four reported quarters.


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