- Reports Q2 (Jun) earnings of $0.68 per share, excluding non-recurring items, $0.05 worse than the FactSet Consensus of $0.73; revenues fell 37.3% year/year to $6.73 bln vs the $6.92 bln FactSet Consensus.
- Production of 1,218 Mboed exceeded the mid-point of guidance by 42 Mboed; full-year production guidance raised to 1,210 Mboed.
Estimates: Analysts expected Occidental Petroleum to report earnings sinking 77% to 72 cents per share in Q2. Meanwhile, Wall Street forecast revenue falling 37% to $6.7 billion.
Results: Occidental Petroleum reported EPS of 68 cents, down 78% vs. 2022, as sales fell 37% to $6.7 billion.
OXY announced oil and gas pre-tax income for the second quarter of 2023 was $1.1 billion, down 73% from Q2 2022.
OXY reported Wednesday that income from its oil and gas operations declined due to lower domestic natural gas and natural gas liquids prices (NGL) as well as lower domestic crude oil volumes.
Average Q2 worldwide crude oil prices fell 22% to $73.59 per barrel, according to OXY. Meanwhile, the company said average worldwide NGL prices decreased 545 $19.08 per barrel in Q2.
Occidental produced 1.218 million barrels of oil equivalent per day, exceeding the mid-point of its guidance. OXY announced Wednesday it expects average full-year production of 1.210 million barrels of oil equivalent per day.
In Q1, OXY had forecast full-year production guidance to average 1.195 million barrels of oil equivalent per day. Occidental Petroleum executives previously forecast 2023 production to average 1.18 million barrels of oil equivalent per day, keeping production mostly flat compared to the 1.16 million in 2022.
Occidental Petroleum also repurchased $425 million of stock in Q2. So far in 2023, OXY completed around 40% of its $3 billion repurchase program.
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