OXY(US:OXY) ZACKS·2025-02-20 19:05Core Insights - Occidental Petroleum Corporation (OXY) reported fourth-quarter 2024 earnings of 80 cents per share, exceeding the Zacks Consensus Estimate of 67 cents by 19.4% and up from 74 cents per share in the same quarter last year [1][2] Financial Performance - Total revenues for the fourth quarter were $6.83 billion, falling short of the Zacks Consensus Estimate of $7.14 billion by 4.2% and down 9.2% year over year [3] - For the full year 2024, total revenues were $26.88 billion, a decrease of 7% from $28.91 billion in 2023 [3] - Oil and Gas revenues in Q4 totaled $5.62 billion, an increase of 3.7% year over year, while Chemical revenues were $1.21 billion, down 1.2% year over year, and Midstream & Marketing revenues plummeted 77.7% year over year to $141 million [4] Production and Sales - Total production volume was 1,463 thousand barrels of oil equivalent per day (Mboe/d), near the upper end of the company's guidance of 1,430-1,470 Mboe/d, with total sales volume also at 1,463 Mboe/d, reflecting a 19.7% increase from the previous year [5] - The average daily production from Permian assets and Rockies & Other Domestic segments contributed significantly to the strong production figures [7] Pricing and Costs - Realized prices for crude oil decreased by 11.6% year over year to $69.73 per barrel, while realized natural gas liquids prices increased by 4.15% to $21.80 per barrel; however, natural gas prices fell 32.9% to $1.26 per thousand cubic feet [6] - Interest and debt expenses rose by 32.4% to $327 million from $247 million in the year-ago quarter [8] Financial Position - As of December 31, 2024, cash and cash equivalents stood at $2.13 billion, up from $1.4 billion a year earlier, while long-term debt increased to $24.97 billion from $18.5 billion [10] - The company generated nearly $11.7 billion in operating cash flow in 2024, slightly up from $11.65 billion in 2023 [10] - Total capital expenditure for 2024 was $7.01 billion, compared to $6.27 billion in the previous year [11] Guidance - For Q1 2025, OXY expects production to be in the range of 1,370-1,410 Mboe/d, with Permian Resources segment output anticipated at 745-765 Mboe/d [12]