Why Occidental Petroleum Stock Is Falling

Occidental Petroleum Corporation OXY shares are trading lower by 3.55% to $72.17 after the company reported worse-than-expected third-quarter EPS results.

What Happened?

Occidental Petroleum reported third-quarter EPS of $2.44, lower than the analyst consensus estimate of $2.46. Occidental Petroleum also reported inline third-quarter sales results of $9.5 billion.

As of September 30, 2022, Occidental had approximately $1.2 billion of cash and cash equivalents on hand. Occidental also has $562 million remaining of the $3.0 billion share repurchase program that was announced in February 2022. Occidental expects to use cash on hand and cash flow from operations to complete the program in the fourth quarter.

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According to data from Benzinga Pro, OXY has a 52-week high of $77.13 and a 52-week low of $26.05.