Occidental Petroleum tops Q4 estimates on top, bottom lines
Occidental Petroleum (OXY) reports better-than-expected fourth-quarter results, beating analyst estimates on both revenue and earnings estimates. The oil producer posted revenue of $7.17 billion, surpassing forecasts of $6.84 billion. Adjusted earnings per share came in at $0.74, also exceeding projections of $0.67.
Yahoo Finance breaks down the details of the report.
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Editor's note: This article was written by Angel Smith
Video Transcript
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- And taking a look at shares of Occidental Petroleum here after hours. The company's fourth quarter results just crossing the wires here. So let's get to those. Q4 adjusted EPS $0.74, that's a beat. Street was close to $0.67. Looking at net sales, $7.17 billion, that's also a beat. Consensus was around $6.84 billion. Looking ahead, it looks like they're calling for 2024 CapEx between $6.4 and $6.6 billion, the estimate was closer to $7 billion.
- And look, this is a favorite with Warren Buffett, the oracle of Omaha. He actually added to his position in Occidental Petroleum along with Chevron and Sirius XM, so you have the stamp of approval from Warren Buffett. And look, this is a company that's dealing with the same exposures as a broader energy landscape.
We have oversupply in the oil market, there is geopolitical concerns. And we've seen that reflected in the underperformance of shares, where flat in after hours right now, but we're down about 3% since the start of the year. So should be an interesting company to continue to track, especially with Buffett boosting his position there.
- Yeah. And the acquisition of Crown Rock will be in focus too. They announced that in December that around $12 billion. Just, of course, just a flurry of deals, deal making consolidation, we've seen in the energy sector has been a big thing.
