Warren Buffett's Favorite Stock, Occidental Petroleum Reports Mixed Q1 Results

Occidental Petroleum Corporation OXY reported mixed first-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details:

Occidental Petroleum reported quarterly earnings of 63 cents per share which beat the analyst consensus estimate of 60 cents by 5% and represents a 42.2% decrease year-over-year.

Quarterly sales came in at $6.01 billion, missing the analyst consensus estimate of $6.7 billion by 10.3% and representing a 17.19% decrease from sales of $7.26 billion from the same period last year.

The company said strong operational performance drove operating cash flow of $2 billion and cash flow from
operations before working capital of $2.4 billion. Capital spending of $1.8 billion and contributions from noncontrolling interest of $57 million resulted in quarterly free cash flow before working capital of $720 million.

Total company production of 1,172 Mboed landed near the mid-point of the company’s guidance while overcoming the
extended third-party outage in the eastern Gulf of Mexico.

“Operational excellence is fundamental to everything we do at Occidental, and our teams delivered at a high level across all segments during the first quarter of 2024,” said President and CEO Vicki Hollub. “We are executing in all areas of our diversified portfolio and positioned for free cash flow growth.”

Related News: Hims & Hers Health Reports Better-Than-Expected Q1 Results, Strong Guidance

OXY Price Action: According to Benzinga Pro, Occidental Petroleum shares are down 0.82% after-hours at $64.52 at the time of publication Tuesday.

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