Occidental Petroleum Corporation OXY reported fourth-quarter 2024 earnings of 80 cents per share, which surpassed the Zacks Consensus Estimate of 67 cents by 19.4%. In the year-ago quarter, the company recorded earnings of 74 cents per share.
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GAAP loss in the reported quarter was 32 cents per share against earnings of $1.08 in the year-ago quarter.
Adjusted earnings in 2024 were $3.46 per share, down 6.5% year over year from $3.70 reported in 2023.
Total revenues were $6.83 billion, which lagged the Zacks Consensus Estimate of $7.14 billion by 4.2%. The top line decreased 9.2% year over year due to lower contributions from its Chemical and Midstream & Marketing segments.
Total revenues in 2024 were $26.88 billion, down 7% from $28.91 billion reported in 2023.
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Oil and Gas revenues totaled $5.62 billion in the reported quarter, up 3.7% year over year.
Chemical revenues amounted to $1.21 billion, down 1.2% year over year.
Midstream & Marketing revenues of $141 million plunged 77.7% year over year.
Total production volume was 1,463 thousand barrels of oil equivalent per day (Mboe/d). The metric was near the upper end of the company’s production guidance of 1,430-1,470 Mboe/d. Permian and Rockies & Other Domestic volumes exceeded the midpoint of the guided range, which contributed toward strong average daily production volumes.
Total sales volume was 1,463 Mboe/d, up 19.7% from the year-ago period.
Realized prices of crude oil decreased 11.6% year over year to $69.73 per barrel on a worldwide basis. Realized natural gas liquids prices increased 4.15% year over year to $21.80 per barrel globally.
Natural gas prices declined 32.9% year over year to $1.26 per thousand cubic feet.
Occidental reported strong fourth-quarter production, due to strong contribution from Permian assets. Rockies & Other Domestic average daily production volumes in the fourth quarter were 325 Mboe/d, up 14% year over year, which also contributed toward overall strong volumes.
OxyChem’s income dropped sequentially due to lower realized polyvinyl chloride pricing and lower seasonal fourth-quarter demand across most of its product lines.
Interest and debt expenses increased 32.4% to $327 million from $247 million in the year-ago quarter.
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