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Occidental Petroleum (OXY) Q4 Loss Wider, Revenues Beat

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Occidental Petroleum CorporationOXY reported fourth-quarter 2016 loss of 13 cents per share, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the year-ago quarter, the company had posted a loss of 17 cents.

Full-year 2016 loss came in at $1.01 per share, wider than the Zacks Consensus Estimate of a loss of 90 cents. In the year-ago period, the company had reported earnings of 12 cents.

Total Revenue

Occidental Petroleum's total revenue came in at $2,826 million, marginally beating the Zacks Consensus Estimate of $2,806 million. Revenues fell marginally from $2,843 million a year ago primarily due to lower contribution from Oil and Gas (4.3%).

Full-year revenues came in at $10,398 million, missing the Zacks Consensus Estimate of $10,670 million by 2.6%. Revenues also fell from the prior-year tally of $12,699 million by 18.1%.

Quarterly Highlights

Occidental Petroleum's average daily net oil, liquids and gas production volume decreased 10.7% year over year to 607,000 barrels of oil equivalents per day (Boe/d).

Realized Prices

Realized prices for worldwide crude oil increased 17% year over year to $45.08 per barrel.

Worldwide realized NGL prices increased 31% to $18.36 per barrel.

Natural gas prices were up 42.4% to $1.88 per thousand cubic feet.

Occidental Petroleum Corporation Price, Consensus and EPS Surprise

Occidental Petroleum Corporation Price, Consensus and EPS Surprise | Occidental Petroleum Corporation Quote

Financial Position

As of Dec 31, 2016, Occidental Petroleum had cash and cash equivalents of $2,233 million compared with $3,201 million as of Dec 31, 2015.

As of Dec 31, 2016, Occidental Petroleum had long-term debt (net of current portion) of $9,819 million compared with $6,855 million as of Dec 31, 2015.

In the reported quarter, the company's cash from operations was $921 million, up 8.2% from $851 million in the prior-year period.

Occidental Petroleum's total capital expenditure was $891 million in the quarter under review, down 23.9% from $1,170 million a year ago.

Peer Releases

ConocoPhillips COP reported fourth-quarter 2016 adjusted loss of 26 cents per share, narrower than the Zacks Consensus Estimate of a loss of 38 cents.

Hess Corporation HES reported adjusted fourth-quarter 2016 loss from continuing operations of $1.01 per share, narrower than the Zacks Consensus Estimate of loss of $1.09.

Anadarko Petroleum Corporation APC reported fourth-quarter 2016 adjusted loss of 50 cents per share, wider than the Zacks Consensus Estimate of a loss of 48 cents.

Zacks Rank

Occidental Petroleum currently has a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .

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Occidental Petroleum Corporation (OXY): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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