Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
Realized PricesRealized prices for in the third quarter dropped 10.2% year over year to $56.26 per barrel on a worldwide basis. Worldwide realized NGL prices also decreased 49.4% from the prior-year quarter to $14.96 per barrel. Moreover, worldwide prices were down 14.8% from the year-ago quarter to $1.38 per thousand cubic feet.
The overall decline in realized prices of the commodities did not allow the company to realize full benefits of higher production and sales volumes in the reported quarter.
Highlights of the ReleaseIts acquisition deal with Anadarko Petroleum (NYSE:) has progressed per expectation. This boosted total production in the third quarter and strengthened Occidental’s presence in the resource-rich Permian Basin.
Selling, general and administrative, as well as other operating expenses in the third quarter were $242 million, up 60.3% from $151 million a year ago.
Interest expenses in the reported quarter were $381 million compared with $96 million in the year-ago period.
Occidental’s management, which continues to increase the value of its shareholders, returned $1,766 million in the first nine months of 2019 through dividend payments.
Financial PositionAs of Sep 30, 2019, Occidental had cash and cash equivalents of 4,840 million compared with $3,033 million on Dec 31, 2018.
As of Sep 30, 2019, the company had a long-term debt (net of current portion) of $39,946 million compared with $10,201 million on Dec 31, 2018. The increase in the debt level was due to the loan taken by the company to fund the acquisition of Anadarko.
In third-quarter 2019, cash from operations was $2,478 million, up from $2,404 million in the prior-year period.
In third-quarter 2019, Occidental’s total capital expenditure was $1,714 million, up from $1,319 million invested in the year-ago period.
GuidanceOccidental expects fourth-quarter 2019 production in the range of 1,312,000-1,336,000 boe/d. Production from Permian Resources is expected in the range of 449,000-459,000 boe/d.
Zacks RankCurrently, Occidental carries a Zacks Rank #5 (Strong Sell).
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