HOUSTON, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced the launch of an underwritten secondary public offering of 29,560,619 shares of its common stock by CrownRock Holdings, L.P. (the "Selling Stockholder"). Occidental is not offering any shares of common stock in the offering. The Selling Stockholder will receive all of the proceeds from the proposed offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering ...

Occidental Petroleum is a well-oiled machine. Occidental Petroleum (OXY -0.20%) recently reported impressive second-quarter results. The oil company posted robust oil and gas production in the period and expectations-beating earnings in its midstream and marketing segment. It also reported strong earnings and cash flow. The oil stock's robust results must be music to Warren Buffett's ears. As Occidental's top shareholder, Buffett's company, Berkshire Hathaway, is participating in Occidental's success, which ...

Earnings Performance - Occidental Petroleum reported quarterly earnings of $1.03 per share, beating the Zacks Consensus Estimate of $0.77 per share, representing a 33.77% earnings surprise [1][2] - This compares to earnings of $0.68 per share a year ago [1] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Revenue Performance - Occidental posted revenues of $6.88 billion for the quarter ended June 2024, missing the Zacks Consensus Estimate by 4.14% [3] - This compares to year-ago revenues of $6.73 billion [3] - The company has topped consensus revenue estimates two times over the last four quarters [3] Stock Performance and Outlook - Occidental shares have lost about 6% since the beginning of the year versus the S&P 500's gain of 9.9% [4] - The current consensus EPS estimate is $1.03 on $7.84 billion in revenues for the coming quarter and $3.60 on $29.26 billion in revenues for the current fiscal year [8] - The estimate revisions trend for Occidental is mixed, translating into a Zacks Rank 3 (Hold) for the stock [7] Industry Context - Occidental belongs to the Zacks Oil and Gas - Integrated - United States industry, which is currently in the bottom 39% of the 250 plus Zacks industries [9] - The top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [9] Peer Comparison - Berry Petroleum, another stock from the same industry, is expected to post quarterly earnings of $0.20 per share in its upcoming report, representing a year-over-year change of +33.3% [10] - The consensus EPS estimate for Berry Petroleum has been revised 1.7% higher over the last 30 days [10] - Berry Petroleum's revenues are expected to be $169.35 million, down 26.2% from the year-ago quarter [11]

PRESS RELEASE Occidental Announces 2nd Quarter 2024 Results • Strong operational performance drove operating cash flow of $2.4 billion and operating cash flow before working capital of $3.0 billion • Capital spending of $1.8 billion and contributions from noncontrolling interest of $42 million resulted in quarterly free cash flow before working capital of $1.3 billion • Total company production of 1,258 Mboed exceeded the mid-point of guidance by 6 Mboed • Midstream and marketing exceeded guidance for pre-t ...

HOUSTON, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced its second quarter 2024 financial results. The earnings release and accompanying financial schedules can be accessed via the Investor Relations section of the company's website, oxy.com. The earnings release is also available on the U.S. Securities and Exchange Commission's website at sec.gov. The company will hold a conference call to discuss the results on Thursday, August 8, 2024, at 1 p.m. Eastern/12 p.m. Central. The conf ...

Occidental Petroleum Corp OXY shares are oversold. They are also at support. And stocks that are oversold and at support tend to rally. That's why our team of trading experts has identified it as our Stock of the Day. Most of the time, a stock stays within its typical or average trading range. But if sellers are extremely aggressive and push the shares below this range, traders say that it is "oversold." This is important because it will draw buyers into the market. They will be expecting a reversion back t ...

Company Overview - Occidental Petroleum (OXY) is a leading energy stock with a robust portfolio of upstream assets in the United States, Middle East, and Latin America, as well as a strong pipeline business [2] - The company is a core holding in the Berkshire Hathaway portfolio, providing approximately $56 million ($224 million annualized) in quarterly dividend income to Berkshire Hathaway from its common stock ownership [2] Dividend Analysis - Occidental Petroleum's dividend is secure due to strong free cash flow, driven by its U.S. onshore assets, midstream, and OxyChem businesses [4] - In Q1 2024, the company reported free cash flow of over $700 million, more than covering the $332 million paid out in dividends for common and preferred stocks [4] - The quarterly dividend payment on common stock was $0.22 per share in Q1 2024, with a forward dividend yield of approximately 1.5% [4] - In 2023, Occidental generated $5.5 billion in free cash flow, adequately covering the $1.3 billion paid out in total dividends [5] Future Outlook - Management anticipates strong free cash flow generation following the CrownRock acquisition, expected to close in Q3 2024 [5] - Prospective investors should monitor the company's financial results reporting on Aug 7 for further insights into its financial health [6]

HOUSTON, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced that it has elected to terminate its previously announced offer to exchange (the "Exchange Offer") any and all outstanding 5.000% Senior Notes due 2029 (the "CrownRock Notes") issued by CrownRock, L.P. ("CrownRock") and CrownRock Finance, Inc. ("CrownRock Finance" and, together with CrownRock, the "CrownRock Notes Issuers") for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Oc ...

HOUSTON, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced that it has elected to terminate its previously announced offer to exchange (the "Exchange Offer") any and all outstanding 5.000% Senior Notes due 2029 (the "CrownRock Notes") issued by CrownRock, L.P. ("CrownRock") and CrownRock Finance, Inc. ("CrownRock Finance" and, together with CrownRock, the "CrownRock Notes Issuers") for up to $376,084,000 aggregate principal amount of new 5.000% Senior Notes due 2029 to be issued by Oc ...

HOUSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) announced today that it has closed its acquisition of CrownRock, L.P. "By completing this transaction, Occidental adds assets that we believe make the best portfolio in our company's history even stronger and more differentiated. We also welcome new team members who will combine with ours to form a high-performing employee base that is focused on safely and efficiently developing low-emission, low-cost energy," said President and Chief Execut ...