Occidental (OXY) Q3 Earnings Miss Estimates, Sales Beat
Occidental Petroleum Corporation OXY reported third-quarter 2019 earnings of 11 cents per share, lagging the Zacks Consensus Estimate of 41 cents by 73.2%. The bottom line was also significantly lower than $1.77 per share recorded in the prior-year quarter.
Total Revenues
Occidental's total revenues were $5,871 million, beating the Zacks Consensus Estimate of $5,690 million by 3.2%. However, the top line declined 4.9% from $6,176 million in the year-ago quarter.
Production & Sales
Occidental’s average daily net oil, liquids and gas production volume expanded to 1,155,000 barrels of oil equivalent per day (boe/d), which included the acquired Anadarko assets. The metric was 681,000 boe/d in the prior-year quarter.
This improvement in production volume was backed by higher drilling activity and solid output from the Permian Resources region. Permian Resources production improved 33% year over year.
In the quarter under review, total sales volume was 1,157,000 boe/d compared with 696,000 boe/d recorded in the year-ago period.
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