Core Insights - Occidental Petroleum reported strong Q4 earnings, beating EPS estimates by approximately 11% and generating around $4.4 billion in annualized free cash flow, which represents a 27% year-over-year increase [1] Financial Performance - The company achieved record production levels in the US, contributing to its operational momentum since the CrownRock acquisition [1] - The annualized free cash flow of $4.4 billion indicates robust financial health and operational efficiency [1]

Occidental Petroleum Corporation (NYSE:OXY) Q4 2024 Earnings Conference Call February 19, 2025 1:00 PM ET Company Participants Jordan Tanner - VP, IR Vicki Hollub - President & CEO Sunil Mathew - SVP & CFO Ken Dillon - SVP & President, International Oil and Gas Operations Richard Jackson - President, Operations, U.S. Onshore Resources and Carbon Management Conference Call Participants Arun Jayaram - JP Morgan Betty Jiang - Barclays Neal Dingmann - Truist Securities Paul Cheng - Scotiabank Roger Read - Wells ...

Financial Data and Key Metrics Changes - In 2024, Occidental Petroleum Corporation generated $4.9 billion of free cash flow and paid approximately $800 million in common dividends, achieving its near-term debt repayment target of $4.5 billion seven months ahead of schedule [7][8] - The company reported an adjusted profit of $0.80 per diluted share and a reported loss of $0.32 per diluted share due to an increase in long-term environmental remediation liability [40][41] - The company ended 2024 with over $2.1 billion of unrestricted cash after repaying $500 million of debt [45] Business Line Data and Key Metrics Changes - The OxyChem business generated over $1.1 billion in pre-tax income in 2024, exceeding original guidance [15] - The midstream segment outperformed, with adjusted pre-tax income surpassing the midpoint of the original full-year guidance by approximately $600 million [57] - The Oil and Gas segment achieved record production of 1.33 million BOE per day in 2024, exceeding the upper end of full-year guidance [10][12] Market Data and Key Metrics Changes - The company’s US onshore production was driven by strong performance in the Delaware, TJ, Midland, and Powder River Basins, contributing to record production levels [10][11] - The company expects full-year production in 2025 to average approximately 1.42 million BOE per day, representing mid-single-digit growth from 2024 [47] Company Strategy and Development Direction - The company aims to maximize cash flow by investing primarily in short-cycle, high-return assets while advancing mid-cycle projects for future cash flow resilience [34] - The company plans to continue deleveraging and has authorized a 9% increase in its common dividend [24] - Major projects like Stratos and Battleground are expected to enhance cash flow and improve market position [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the $15 billion net debt target by early 2027, despite commodity price fluctuations [92] - The company highlighted a commitment to operational excellence and innovation, with a focus on safety and sustainability [65] - Management noted that 2025 will be an exciting year with improved technical capabilities and asset portfolio [66] Other Important Information - The company achieved a reserves replacement ratio of 230% for 2024, with a year-end proved reserve balance of 4.6 billion BOE, the highest in its history [12] - The company is advancing its direct air capture (DAC) technology, which is expected to deliver long-term value and contribute to US energy security [18][20] Q&A Session Summary Question: Gulf of Mexico outlook for 2025 - Management indicated a busy year ahead with maintenance and drilling activities expected to add significant production [74][75] Question: Extension of the Echo Patrol JV in the Midland Basin - Management confirmed similar terms to previous agreements and plans to drill about 23 wells [80] Question: Rockies program in 2025 and its evolution - Management acknowledged lower activity levels but highlighted embedded efficiencies and infrastructure investments in the Rockies [86][89] Question: Debt reduction trajectory towards $15 billion target - Management remains comfortable with the timeline, projecting early 2027 for achieving the target [92] Question: 2025 guidance on production and service costs - Management expects a 7% improvement in drilling and completion costs, driven by operational efficiencies [99] Question: International M&A considerations - Management expressed satisfaction with current international assets and plans for growth in existing operations [103] Question: Permian oil cut increase in 2025 - Management confirmed an increase in oil cut due to unconventional growth and contributions from Crown Rock [112][116]

Fourth Quarter Earnings Conference Call 02.19.25 CAUTIONARY STATEMENTS 2 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements about Occidental Petroleum Corporation's ("Occidental" or "Oxy") expectations, beliefs, plans or forecasts. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptio ...

Shares of Occidental Petroleum Corp OXY climbed in trading on Wednesday, despite a revenue miss in the fourth quarter.Here are some key analyst takeaways.Stephens analyst Mike Scialla reiterated an Overweight rating and price target of $71.Raymond James analyst Mark Lear maintained a Neutral rating on the stock.Check out other analyst stock ratings.Stephens: Occidental Petroleum reported fourth-quarter adjusted earnings and cash flows of 80 cents per share and $3.13 per share, respectively. It beat the cons ...

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Occidental Petroleum delivered higher-than-expected earnings per share in Q4 2024 despite revenue falling slightly short of projections.Occidental Petroleum (OXY 1.62%), an integrated oil and gas company, announced its fourth-quarter 2024 earnings on Feb. 18, 2025. The company reported adjusted EPS of $0.80, exceeding the market expectation of $0.68 by 17.6%. Revenue came in at $6.8 billion, slightly below analyst estimates of $6.9 billion. MetricQ4 2024Q4 EstimateQ4 2023Y/Y ChangeAdjusted EPS$0.80$0.68$0.7 ...

Occidental Petroleum (OXY) came out with quarterly earnings of $0.80 per share, beating the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 19.40%. A quarter ago, it was expected that this oil and gas exploration and production company would post earnings of $0.80 per share when it actually produced earnings of $1, delivering a surprise of 25%.Over ...

Financial Performance - Average realized oil prices for the United States were $69.27 per barrel, and $72.55 internationally, with a total worldwide average of $69.73 per barrel[3] - Average realized NGL prices in the United States were $21.14 per barrel, and $27.11 internationally, with a total worldwide average of $21.80 per barrel[3] - Average realized natural gas prices in the United States were $1.26 per Mcf, and $1.88 internationally, with a total worldwide average of $1.41 per Mcf[3] - Worldwide oil prices were 99% of average WTI prices and 94% of average Brent prices[3] - Domestic natural gas prices were 47% of average NYMEX prices[3] Shares Outstanding - Average diluted shares outstanding for Q4 2024 were 983.9 million shares[2] Future Outlook - The company provided forward-looking statements regarding expectations and plans for future operations[4] - Actual outcomes may differ from anticipated results due to various economic and operational factors[6] Risks and Regulatory Factors - The company highlighted risks associated with acquisitions, operational disruptions, and regulatory changes[7] - Additional information on factors affecting financial results can be found in the company's filings with the U.S. Securities and Exchange Commission[8]

HOUSTON , Feb. 18, 2025 (GLOBE NEWSWIRE) -- Occidental (NYSE: OXY) today announced its fourth 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 Wednesday, February 19, 2025, at 1 p.m. Eastern/12 p.m. Central. The ...