Occidental (OXY) To Report Q4 Earnings: What's In The Cards?
Zacks Investment Research | Feb 20, 2020 10:12PM ET
Occidental Petroleum Corporation (NYSE:OXY) is set to report fourth-quarter 2019 earnings on Feb 27, after market close. In the last reported quarter, the oil and gas company delivered a negative earnings surprise of 73.2%.
Factors to Consider
Selling, general and administrative (SG&A), and other expenses are expected to have substantially increased year over year due to seasonally higher environmental remediation charges, which are likely to have had an adverse impact on fourth-quarter earnings. SG&A for the fourth quarter is expected to be $901 million, indicating a substantial increase from $473 million in the year-ago period.
The Zacks Consensus Estimate for fourth-quarter revenues is pegged at $6.51 billion, which indicates growth of 35.7% from the year-ago reported figure. The Zacks Consensus Estimate for the bottom line is pegged at a loss of 6 cents per share, which indicates a 104.9% decline from the year-ago quarter.
Q4 Expectation
During third-quarter earnings call, Occidental provided its guidance for fourth-quarter production within 1,312-1,336 thousand barrels of oil equivalent per day (MBoe/d) and Permian Resources output in the range of 449-459 MBoe/d. However, due to reduced downtime, strong base and new well performance, the company expects total output and Permian Resources production to be 1,402 MBoe/d and 476 MBoe/d, respectively.
Earnings Whispers
Our proven model doesn’t conclusively predict an earnings beat for Occidental this time around. The combination of a positive Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.