Occidental Petroleum Posts In-Line Q1 Earnings, But Revenue Misses Estimates

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Occidental Petroleum Corporation
OXY
reported in-line earnings for the first quarter, but the company's revenue missed analysts' expectations. The Houston, Texas-based company reported a quarterly loss of $218 million, or $0.28 per share, versus a year-ago loss of $1.4 billion, or $1.75 per share. Excluding items, the company's earnings declined to $0.04 per share from $1.38 per share. Its net sales dropped 38 percent to $3.09 billion. However, analysts were projecting earnings of $0.04 per share on revenue of $3.3 billion. The average estimate among 8 Estimize users was for earnings of $0.12 per share and revenue of $3.31 billion. Total company capital expenditures were $1.7 billion for the first quarter. In the recent quarter, the company's production rose 13 percent to 645,000 BOE per day. Occidental Petroleum lifted its production outlook by 20,000 to 60,000 to 80,000 BOE a day. "Our first quarter production was 645,000 BOE per day, an increase of 13 percent on a year-over-year basis or 72,000 BOE per day," said Stephen I. Chazen, President and Chief Executive Officer. "The increase was led by Permian Resources which delivered a 46-percent increase to 98,000 BOE per day, of which oil production grew by 25,000 barrels a day. Based on our first quarter results and a more optimistic outlook for the remainder of the year, we are raising our guidance for 2015 average production to grow between 60,000 and 80,000 BOE per day compared to the 2014 rate of 591,000 BOE per day." Occidental Petroleum shares closed at $78.62 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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