Occidental Petroleum (OXY) Misses Q3 EPS by 2c

Occidental Petroleum (NYSE: OXY) reported Q3 EPS of $1.58, $0.02 worse than the analyst estimate of $1.60. Revenue for the quarter came in at $6 billion versus the consensus estimate of $6.16 billion.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “For the fifth consecutive quarter, we have delivered strong year-over-year domestic oil production growth, bolstered by strong results from Permian Resources, which grew by over 26 percent. Domestic oil production was 282,000 barrels per day for the third quarter of 2014. Excluding the effect of the Hugoton sale, domestic oil production increased 20,000 barrels per day from the third quarter of 2013. During the quarter, we have experienced about a 6 percent decline in our worldwide oil realized prices, due to volatility in the marker prices. For the first nine months of 2014, our cash flow from operations was $8.2 billion. Capital expenditures, net of contributions from partners, were $7.3 billion and we purchased approximately 21.2 million shares of our stock.”

For earnings history and earnings-related data on Occidental Petroleum (OXY) click here.

You May Also Be Interested In

• Micron surges 5.5% on blockbuster Anthropic AI deal ahead of earnings
• Middleby board approves spin-off of food processing unit Midera
• In HelloNation, Wealth Advisor Matt Cuplin Explains How Taxes Affect Retirement Income