Occidental Petroleum Corp is one of the international oil & gas exploration and production company. The NYSE: OXY company has operations in the United States, the Middle East, and Latin America. It is operated through three segments such as Oil and Gas, Chemical (OxyChem), and Midstream and Marketing. Its Oil and Gas segment explores for, develops, and produces oil and condensate, natural gas liquids (NGLs), and natural gas. It has manufacturing facilities in the United States, Canada, and Latin America. Midstream and Marketing segment such as purchases, markets, gathers, processes, transports, and stores that are including oil, NGL, natural gas, carbon dioxide, and power. Oxy Low Carbon Ventures, LLC develops carbon capture, utilization, and storage projects that source anthropogenic carbon dioxide.
Occidental Q2 Loss Wider Than Expected, Sales Miss
Occidental (NYSE: OXY)Petroleum Corporation reported a second-quarter 2020 loss of $1.76 per share, wider than the Zacks Consensus Estimate of a loss of $1.66. The company recorded earnings of 97 cents per share in the prior-year quarter.
- Total Revenues
Occidental’s total revenues were lagged the Zacks Consensus Estimate of $3,894 million by 23.6%. The top line also decreased by 33.5% from $4,476 million in the year-ago quarter. The year-over-year decline was due to lower contributions from all segments.
- Segment Details
- Oil and Gas revenues for the quarter were $2,040 million, down 24.9% year over year.
- Chemical revenues for the quarter were $846 million, down 15.2% year over year.
- Midstream & Marketing revenues for the quarter were $204 million, down 77.6% year over year.
- Production & Sales
It has1,406 thousand barrels of oil equivalent per day (Mboe/d) that is exceeded the midpoint of the guidance by 36 Mboe/d. The strong production volumes were attributed to higher volumes from the Permian Resources region. Permian Resources production for the second quarter was 465 Mboe/d, which exceeded the upper end of the guidance by 5% and was up 60.9% year over year.
- Realized Prices
Second-quarter has realized prices for crude oil decreased 60.7% year over year to $23.17 per barrel on a worldwide basis. Worldwide realized NGL prices decreased 56.7% from the prior-year quarter to $7.79 per barrel. Worldwide natural gas prices are improved 6.8% from the year-ago quarter to $1.10 per thousand cubic feet.
- Highlights of the Release
Occidental, similar to other oil and gas companies, was adversely impacted by a steep decline in oil prices. Crude oil hedges are provided some support to the company amid the falling commodity prices. It is aggressively managing costs and implementing ways to lower expenditure. You can check more stock information like ssi stock before stock trading.
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