Yahoo Finance markets reporter Ines Ferre reports on Occidental Petroleum's Q4 earnings.
Video Transcript
- Switching gears. Occidental Petroleum out with earnings right now. Ines Ferre has the numbers. Ines.
INES FERRE: Yeah, Jared. It's a miss on the top and the bottom line with revenue, net revenue coming in at $8.22 billion. The Street was expecting $8.47 billion. Adjusted earnings per share coming in at $1.61. The Street was expecting $1.80. It's all though about returning cash to shareholders, because the companies announce a $3 billion share repurchase program and 38% increase in common dividend, with Occidental's quarterly dividend now at $0.18 a share, previously it was at $0.13.
Also, Occidental Petroleum saying that it completed a $3 billion share repurchase program in the fourth quarter. And also, it has repaid $1.1 billion of debt with total year debt repayments of over 10 and 1/2 billion, representing 37% of the total outstanding principal. And Vicki Hollub CEO of the company talking about this $3 billion share repurchase program. Also talking about delivering substantial balance sheet improvements.
And she goes on to say our teams are well positioned to maintain this operational success as we continue to focus on delivering value for our shareholders in 2023. Now, the stock is having a little bit of a muted reaction. It's down slightly in after hours. But look, year to date, the stock is down 66%. But in 2022, last year, this stock was up 117%, guys.
- Yeah, maybe we can forgive it for the lack of volatility in after hours trading. Thank you for that, Ines Ferre.
