Occidental (OXY) Q4 Loss Wider Than Expected, Sales Beat
Zacks Investment Research | Feb 27, 2020 08:24PM ET
Occidental Petroleum Corporation (NYSE:OXY) reported fourth-quarter 2019 loss of 30 cents per share, wider than the Zacks Consensus Estimate of a loss of 9 cents. The company had recorded earnings of $1.22 per share in the prior-year quarter.
Total Revenues
Occidental's total revenues were $6,796 million, beating the Zacks Consensus Estimate of $6,558 million by 3.6%. The top line also increased 41.5% from $4,802 million in the year-ago quarter. The year-over-year improvement was driven by higher oil and gas revenues.
Production & Sales
Occidental’s average daily net oil, liquids and gas production volume — including the acquired Anadarko assets — expanded to 1,402 thousand barrels of oil equivalent per day (Mboe/d) from 700,000 Mboe/d in the prior-year quarter.
This improvement in production volume was backed by higher drilling activity and solid output from the Permian Resources region. Permian Resources production in the fourth quarter was 476 Mboe/d, which exceeded the midpoint of the guidance by 22 Mboe/d.
In the quarter under review, total sales volume was 1,400 Mboe/d compared with 702 Mboe/d recorded in the year-ago period.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
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