Occidental Petroleum Reports Mixed Q3 Results as Oil Prices Rise
Occidental Petroleum Corp. (NYSE: OXY) reported mixed third-quarter financial results on Monday, as earnings beat analyst expectations while revenue fell slightly short of forecasts. The results were driven by stronger crude oil production and pricing, which helped to offset a decline in natural gas liquids prices.
The company announced non-GAAP earnings of $0.64 per share, which matched analyst estimates. Total revenue for the quarter was $6.72 billion, just under the projected $6.76 billion.
Earnings were bolstered by a sequential increase in crude oil volumes and prices. The average realized worldwide price for crude oil rose by 2% from the previous quarter to $64.78 per barrel. In contrast, average natural gas liquids prices saw a decline of 5%, although domestic natural gas prices increased by 11%.
Global production for the quarter averaged 1.465 million barrels of oil equivalent per day (Mboed). This represents an increase from the 1.412 Mboed reported in the same period a year ago. Occidental stated that it continues to see benefits from improved operational efficiency in a stable commodity market.
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