Occidental Petroleum Drops on Revenue Miss -- Earnings Review
February 13 2018 - 5:55PM
Dow Jones News
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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