Occidental Petroleum 1Q Profit, Sales Drop on Lower Crude Oil Prices

Dow Jones05-08

Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.

The oil-and-gas producer on Tuesday reported net income of $718 million, or 75 cents a share, compared with a profit of $983 million, or $1 a share, in the same quarter a year earlier.

Adjusted income was 63 cents a share. Analysts polled by FactSet expected adjusted income of 58 cents a share.

Sales fell 17.3% to $5.98 billion. Analysts were looking for sales of nearly $6.7 billion.

Oil and gas production came in near the midpoint of the company's guidance, despite an extended third-party production outage in the eastern Gult of Mexico.

The company said adjusted profit for its OxyChem unit topped its projections, helped by improved demand for polyvinyl chloride and vinyl chloride monomer, as well as lower ethylene costs.

Its midstream and marketing business also reported a narrower loss than forecast, reflecting higher crude margins.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

3

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2433730960?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-05-08 07:18","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2433730960","market":"us","top_or_hot":-1,"title":"Occidental Petroleum 1Q Profit, Sales Drop on Lower Crude Oil Prices","media":"Dow Jones","content":"<html><head></head><body><p style=\"text-align: start;\">Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.</p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/056282d8a3be7de8fe46fa9475024a91\" tg-width=\"842\" tg-height=\"623\"/></p><p style=\"text-align: start;\">The oil-and-gas producer on Tuesday reported net income of $718 million, or 75 cents a share, compared with a profit of $983 million, or $1 a share, in the same quarter a year earlier.</p><p>Adjusted income was 63 cents a share. Analysts polled by FactSet expected adjusted income of 58 cents a share.</p><p>Sales fell 17.3% to $5.98 billion. Analysts were looking for sales of nearly $6.7 billion.</p><p>Oil and gas production came in near the midpoint of the company&#39;s guidance, despite an extended third-party production outage in the eastern Gult of Mexico.</p><p>The company said adjusted profit for its OxyChem unit topped its projections, helped by improved demand for polyvinyl chloride and vinyl chloride monomer, as well as lower ethylene costs.</p><p>Its midstream and marketing business also reported a narrower loss than forecast, reflecting higher crude margins.</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Occidental Petroleum 1Q Profit, Sales Drop on Lower Crude Oil Prices</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOccidental Petroleum 1Q Profit, Sales Drop on Lower Crude Oil Prices\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-08 07:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.The oil-and-gas ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"OXY","symbol_name":"西方石油","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2433730960","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2433730960","pubTimestamp":1715123920,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.The oil-and-gas producer on Tuesday reported net income of $718 million, or 75 cents a share, compared with a profit of $983 million, or $1 a share, in the same quarter a year earlier.Adjusted income was 63 cents a share. Analysts polled by FactSet expected adjusted income of 58 cents a share.Sales fell 17.3% to $5.98 b","collect":0,"end_time":0,"defaultTopTitle":"","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"OXY":"西方石油"},"translate_title":"Occidental Petroleum 1Q利润下降，原油价格下跌导致销售额下降","themeId":"c0d77e622a6742cf8335299f8317b4b4","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OXY":1},"content_text":"Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.The oil-and-gas producer on Tuesday reported net income of $718 million, or 75 cents a share, compared with a profit of $983 million, or $1 a share, in the same quarter a year earlier.Adjusted income was 63 cents a share. Analysts polled by FactSet expected adjusted income of 58 cents a share.Sales fell 17.3% to $5.98 billion. Analysts were looking for sales of nearly $6.7 billion.Oil and gas production came in near the midpoint of the company's guidance, despite an extended third-party production outage in the eastern Gult of Mexico.The company said adjusted profit for its OxyChem unit topped its projections, helped by improved demand for polyvinyl chloride and vinyl chloride monomer, as well as lower ethylene costs.Its midstream and marketing business also reported a narrower loss than forecast, reflecting higher crude margins.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2433730960"}