Occidental Petroleum Drops on Revenue Miss -- Earnings Review

Date : 02/13/2018 @ 5:55PM
Source : Dow Jones News
Stock : Occidental Petroleum Corp. (OXY)
Quote : 71.63  -0.55 (-0.76%) @ 10:07AM
Occidental Pet share price Chart

Occidental Petroleum Drops on Revenue Miss -- Earnings Review

Occidental Pet (NYSE:OXY)
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1 Year : From Oct 2017 to Oct 2018

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   By Austen Hufford 

Occidental Petroleum Corp. (OXY) on Tuesday reported its results for the fourth quarter and year. Here is what you need to know:


REVENUE: Revenue in the quarter grew 25% to $3.49 billion on increased drilling and higher prices. Analysts polled by Thomson Reuters had expected $3.53 billion in revenue.


EARNINGS: The company posted a profit of $497 million, or 65 cents a share, compared with a loss of $272 million, or 36 cents a share, in the same period a year before. On an adjusted basis the company brought in 41 cents a share, matching Wall Street estimates.


SHARES: In post-market trading, shares fell 2.5%.


PRODUCTION: Total average daily production volumes were 621,000 barrels of oil equivalent for the fourth quarter, up from 607,000 in the fourth quarter of 2016. Average daily production volume for the Permian Resources unit improved 29% to 159,000, due to increased drilling activity and well productivity.


PRICES: The average West Texas Intermediate price for a barrel of oil came in at $55.40 in the quarter, up from $49.29 a year before.


RESERVES: At the end of the year, Occidental had world-wide proved reserves of 2.6 billion barrels of oil equivalent, compared with 2.4 billion at the end of 2016. Proved additions from reserves were 412 million BOE, compared with production of 220 million BOE, a reserves replacement ratio of 187%.


OUTLOOK: For 2018, the company has a capital budget of $3.9 billion. It estimates production growth of 8% to 12%, with 40% annual growth in Permian Resources.


Write to Austen Hufford at Austen.Hufford@wsj.com


(END) Dow Jones Newswires

February 13, 2018 17:40 ET (22:40 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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