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Occidental's (OXY) Q3 Earnings to Gain From Strong Production
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. In the last reported quarter, the company delivered an earnings surprise of 7.9%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have been driven by strong production from its domestic assets, with a robust contribution from the Permian Basin.
Contributions from the Gulf of Mexico and International assets are likely to have boosted the performance of the company in the third quarter. Oil from the Horn Mountain West field offshore Gulf of Mexico is expected to have boosted production volumes in the reported quarter.
However, lower sulfur prices are likely to have impacted the midstream business in the third quarter.
Expectations
The Zacks Consensus Estimate for third-quarter crude oil production is pegged at 620 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,679 thousand cubic feet per day.
Occidental expects total production of 1,140-1,170 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources of 523-533 MBOE/d.
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
Earnings ESP: Occidental’s Earnings ESP is -1.77%.
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 #3.
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.
HF Sinclair Corporation (DINO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7. HF Sinclair has an Earnings ESP of +1.17% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for DINO’s 2022 EPS of $14.38 per share implies a year-over-year increase of 846%.
Cactus (WHD - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7. Cactus has an Earnings ESP of +2.74% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for WHD’s 2022 EPS of $1.76 per share implies a year-over-year surge of 144.4%.
Gevo Inc. (GEVO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 8. Gevo has an Earnings ESP of +21.05% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for GEVO’s 2022 EPS implies a year-over-year increase of 16.7%.
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Occidental's (OXY) Q3 Earnings to Gain From Strong Production
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release third-quarter 2022 results on Nov 8. In the last reported quarter, the company delivered an earnings surprise of 7.9%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.
Factors to Consider
Occidental’s third-quarter earnings are expected to have been driven by strong production from its domestic assets, with a robust contribution from the Permian Basin.
Contributions from the Gulf of Mexico and International assets are likely to have boosted the performance of the company in the third quarter. Oil from the Horn Mountain West field offshore Gulf of Mexico is expected to have boosted production volumes in the reported quarter.
However, lower sulfur prices are likely to have impacted the midstream business in the third quarter.
Expectations
The Zacks Consensus Estimate for third-quarter crude oil production is pegged at 620 thousand barrels of oil per day. For natural gas, the Zacks Consensus Estimate for the quarter is pegged at 1,679 thousand cubic feet per day.
Occidental expects total production of 1,140-1,170 thousand barrels of oil equivalent per day (MBOE/d) and output from Permian Resources of 523-533 MBOE/d.
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-eps-surprise | Occidental Petroleum Corporation Quote
Earnings ESP: Occidental’s Earnings ESP is -1.77%.
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 #3.
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.
HF Sinclair Corporation (DINO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7. HF Sinclair has an Earnings ESP of +1.17% and sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for DINO’s 2022 EPS of $14.38 per share implies a year-over-year increase of 846%.
Cactus (WHD - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 7. Cactus has an Earnings ESP of +2.74% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for WHD’s 2022 EPS of $1.76 per share implies a year-over-year surge of 144.4%.
Gevo Inc. (GEVO - Free Report) is likely to come up with an earnings beat when it reports third-quarter results on Nov 8. Gevo has an Earnings ESP of +21.05% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for GEVO’s 2022 EPS implies a year-over-year increase of 16.7%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.