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Occidental (OXY) to Post Q4 Earnings: What's in the Offing?

Occidental Petroleum Corporation OXY is scheduled to release fourth-quarter 2021 results on Feb 24. In the last reported quarter, the company delivered an earnings surprise of 33.9%.

Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.

Factors to Consider

Occidental’s fourth-quarter earnings are expected to have been driven by strong production from domestic assets. The improving commodity prices are likely to have a positive impact on OXY’s fourth-quarter results.

Excellent debt management through repayment and refinancing is likely to have reduced Occidental’s capital servicing expenses in the fourth quarter.

Expectations

The Zacks Consensus Estimate for fourth-quarter crude oil production is pegged at 605 thousand barrels of oil per day. The company expects total production in the range of 1,125-1,155 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources within 472-482 MBOE/d.

The Zacks Consensus Estimate for the bottom line for the fourth quarter is pegged at $1.08 per share, indicating a 238.5% improvement from the prior-year reported number.

What Our Quantitative Model Predicts

Our proven model does not conclusively predict an earnings beat for Occidental this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. This is not the case here as you see below. You can see the complete list of today’s Zacks #1 Rank stocks here.

Occidental Petroleum Corporation Price and EPS Surprise

Occidental Petroleum Corporation Price and EPS Surprise
Occidental Petroleum Corporation Price and EPS Surprise

Occidental Petroleum Corporation price-eps-surprise | Occidental Petroleum Corporation Quote

Earnings ESP: Occidental’s Earnings ESP is -0.49%.

You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: Occidental currently carries a Zacks Rank #1.

Stocks to Consider

Here are a few companies in the same sector that have the right combination of elements to beat on earnings in the upcoming releases.

Diamondback Energy, Inc. FANG is likely to come up with an earnings beat when it reports fourth-quarter results on Feb 22 after the market close. Diamondback Energy has an Earnings ESP of +0.91% and a Zacks Rank of #3 at present. The Zacks Consensus Estimate for FANG’s 2022 EPS indicates 71.4% year-over-year growth.

Sunnova Energy International Inc. NOVA is likely to come up with an earnings beat when it reports fourth-quarter results on Feb 23 after the market close. Sunnova Energy has an Earnings ESP of +0.56% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for NOVA’s 2022 EPS has indicates13.2% year-over-year growth.

Coterra Energy Inc. CTRA is likely to come up with an earnings beat when it reports fourth-quarter results on Feb 23 after the market close. Coterra Energy has an Earnings ESP of +1.21% and a Zacks Rank of #3 at present. The Zacks Consensus Estimate for CTRA’s 2021 EPS indicates 790.7% year-over-year growth.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.


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Occidental Petroleum Corporation (OXY) : Free Stock Analysis Report

Diamondback Energy, Inc. (FANG) : Free Stock Analysis Report

Coterra Energy Inc. (CTRA) : Free Stock Analysis Report

Sunnova Energy International Inc. (NOVA) : Free Stock Analysis Report

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