We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Occidental (OXY) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
Read MoreHide Full Article
For the quarter ended March 2023, Occidental Petroleum (OXY - Free Report) reported revenue of $7.26 billion, down 14.9% over the same period last year. EPS came in at $1.09, compared to $2.12 in the year-ago quarter.
The reported revenue represents a surprise of -3.68% over the Zacks Consensus Estimate of $7.54 billion. With the consensus EPS estimate being $1.30, the EPS surprise was -16.15%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Occidental performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Worldwide Sales - Total Continuing Operations Production Per Day: 1220 MBOE/D versus 1182.61 MBOE/D estimated by seven analysts on average.
Net Production Volumes Per Day By Commodity - Oil - Total Worldwide: 659 MBBL/D versus the five-analyst average estimate of 641.75 MBBL/D.
Net Production Volumes Per Day By Commodity-Natural Gas - Total Worldwide: 1732 MMcf/D compared to the 1656.06 MMcf/D average estimate based on five analysts.
Average Realized Prices - Oil - Total Worldwide: $74.22 per barrel versus $77.08 per barrel estimated by five analysts on average.
Average Realized Prices - Natural Gas - Total Worldwide: $2.76 per thousand cubic feet versus the five-analyst average estimate of $2.26 per thousand cubic feet.
Average Realized Prices - NGLs - Total Worldwide: $24.41 per barrel of oil equivalent compared to the $26.93 per barrel of oil equivalent average estimate based on five analysts.
Net Production Volumes Per Day By Commodity - Natural Gas - International: 413 MMcf/D compared to the 441.46 MMcf/D average estimate based on three analysts.
Net Production Volumes Per Day By Commodity - Natural Gas - United States: 1319 MMcf/D versus the three-analyst average estimate of 1210.33 MMcf/D.
Net sales- Oil and gas: $5.33 billion versus the four-analyst average estimate of $5.74 billion.
Net sales- Eliminations: -$256 million compared to the -$281.41 million average estimate based on four analysts.
Net sales- Midstream & marketing: $751 million versus the four-analyst average estimate of $904.11 million.
Net sales- Chemical: $1.41 billion versus the four-analyst average estimate of $1.52 billion.
Shares of Occidental have returned -8% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Occidental (OXY) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended March 2023, Occidental Petroleum (OXY - Free Report) reported revenue of $7.26 billion, down 14.9% over the same period last year. EPS came in at $1.09, compared to $2.12 in the year-ago quarter.
The reported revenue represents a surprise of -3.68% over the Zacks Consensus Estimate of $7.54 billion. With the consensus EPS estimate being $1.30, the EPS surprise was -16.15%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Occidental performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Worldwide Sales - Total Continuing Operations Production Per Day: 1220 MBOE/D versus 1182.61 MBOE/D estimated by seven analysts on average.
- Net Production Volumes Per Day By Commodity - Oil - Total Worldwide: 659 MBBL/D versus the five-analyst average estimate of 641.75 MBBL/D.
- Net Production Volumes Per Day By Commodity-Natural Gas - Total Worldwide: 1732 MMcf/D compared to the 1656.06 MMcf/D average estimate based on five analysts.
- Average Realized Prices - Oil - Total Worldwide: $74.22 per barrel versus $77.08 per barrel estimated by five analysts on average.
- Average Realized Prices - Natural Gas - Total Worldwide: $2.76 per thousand cubic feet versus the five-analyst average estimate of $2.26 per thousand cubic feet.
- Average Realized Prices - NGLs - Total Worldwide: $24.41 per barrel of oil equivalent compared to the $26.93 per barrel of oil equivalent average estimate based on five analysts.
- Net Production Volumes Per Day By Commodity - Natural Gas - International: 413 MMcf/D compared to the 441.46 MMcf/D average estimate based on three analysts.
- Net Production Volumes Per Day By Commodity - Natural Gas - United States: 1319 MMcf/D versus the three-analyst average estimate of 1210.33 MMcf/D.
- Net sales- Oil and gas: $5.33 billion versus the four-analyst average estimate of $5.74 billion.
- Net sales- Eliminations: -$256 million compared to the -$281.41 million average estimate based on four analysts.
- Net sales- Midstream & marketing: $751 million versus the four-analyst average estimate of $904.11 million.
- Net sales- Chemical: $1.41 billion versus the four-analyst average estimate of $1.52 billion.
View all Key Company Metrics for Occidental here>>>Shares of Occidental have returned -8% over the past month versus the Zacks S&P 500 composite's +0.9% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.