Occidental Petroleum Reports Strong Q3 Results
Occidental Petroleum Corp. (OXY) reported its third-quarter results on Tuesday after the closing bell. The company exceeded analyst expectations with adjusted earnings of $1.00 per share, compared to the consensus estimate of 74 cents. Revenue came in at $7.15 billion, slightly below the expected $7.23 billion.
Strong operational performance resulted in operating cash flow of $3.8 billion and operating cash flow before working capital of $3.1 billion.
Capital spending of $1.7 billion and contributions from noncontrolling interest of $47 million led to quarterly free cash flow before working capital of $1.5 billion.
Total company production of 1,412 Mboed exceeded the mid-point of guidance by 22 Mboed.
Midstream and marketing exceeded the mid-point of guidance for pre-tax adjusted income by $145 million.
The company repaid $4 billion of debt, achieving nearly 90% of its short-term debt reduction target.
President and CEO Vicki Hollub commented on the results, stating, "Strong operational performance across all segments has resulted in our highest quarterly operating cash flow this year." She added, "The integration of CrownRock is off to a great start in terms of personnel and operations, and we have made significant progress in our deleveraging efforts, achieving nearly 90% of our short-term debt reduction target."
Following the earnings release, Occidental Petroleum shares rose 0.52% after-hours to $50.55.
The company will host a conference call to discuss the results at 1 p.m. ET on Wednesday.