Occidental Petroleum Shares Steady After Mixed Q3 Results

Occidental Petroleum Corp. OXY reported its third-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter. 

The Details: Occidental Petroleum reported quarterly adjusted earnings of $1.00 per share, beating the analyst consensus estimate of 74 cents. Quarterly revenue came in at $7.15 billion, missing the consensus estimate of $7.23 billion.

• Strong operational performance drove operating cash flow of $3.8 billion and operating cash flow before working capital of $3.1 billion.
• Capital spending of $1.7 billion and contributions from noncontrolling interest of $47 million
  resulted in quarterly free cash flow before working capital of $1.5 billion.
• Total company production of 1,412 Mboed exceeded the mid-point of guidance by 22 Mboed.
• Midstream and marketing exceeded the mid-point of guidance for pre-tax adjusted income by
  $145 million.
• OxyChem exceeded guidance with pre-tax income of $304 million.
• Repaid $4 billion of debt, achieving nearly 90% of Occidental’s short-term debt reduction target.

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“Strong operational performance across all segments has resulted in our highest quarterly operating cash flow this year,” said president and CEO Vicki Hollub.

“The integration of CrownRock is off to a great start in terms of personnel and operations, and we have made significant progress in our deleveraging efforts, achieving nearly 90% of our short-term debt reduction target,” Hollub added.

The company will host a conference call to discuss the results at 1 p.m. ET Wednesday. 

OXY Price Action: According to Benzinga Pro, Occidental Petroleum shares are up 0.52% after-hours at $50.55 at the time of publication Tuesday.

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