Occidental Petroleum Corporation (OXY) Releases Earnings Results, Beats Expectations By $0.01 EPS

Occidental Petroleum Corporation (OXY) reported quarterly earnings results on Wednesday, Aug-3-2016. The company said it had a profit of $-0.18 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.01. Analysts had a consensus of $-0.19. The company posted revenue of $2531.00 million in the period, compared to analysts expectations of $2808.30 million. The company’s revenue was down -27.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS.

Many Wall Street Analysts have commented on Occidental Petroleum Corporation. Occidental Petroleum Corporation was Downgraded by Raymond James to ” Outperform” on Jul 7, 2016. Occidental Petroleum Corporation was Downgraded by Morgan Stanley to ” Equal-Weight” on Jun 13, 2016. Occidental Petroleum Corporation was Downgraded by JP Morgan to ” Neutral” on May 9, 2016.

Occidental Petroleum Corporation closed down -0.47 points or -0.64% at $73.12 with 55,63,872 shares getting traded on Tusday. Post opening the session at $73.96, the shares hit an intraday low of $72.11 and an intraday high of $74.08 and the price fluctuated in this range throughout the day.Shares ended Tusday session in Red.

Investors should note that on Jul 14, 2016, Occidental Petroleum Corporation announced a cash dividend of $0.7600. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Oct 14, 2016.

In a different news, on Jul 28, 2016, Stephen I Chazen (director) sold 5,000 shares at $73.95 per share price. According to the SEC, on Aug 6, 2015, William R Klesse (director) purchased 10,000 shares at $69.48 per share price. On Jun 19, 2015, John E Feick (director) sold 10,000 shares at $79.07 per share price, according to the Form-4 filing with the securities and exchange commission.

Occidental Petroleum Corporation (Occidental) is engaged in the oil and gas exploration and production. The Company through its subsidiaries and affliates operates in the United States Middle East/North Africa and Latin America. Occidental operates through three segments. The oil and gas segment explores for develops and produces oil and condensate natural gas liquids (NGL) and natural gas. The chemical (OxyChem) segment manufactures and markets basic chemicals and vinyls. The midstream marketing and other segment (midstream and marketing) gathers processes transports stores purchases and markets oil condensate NGLs natural gas carbon dioxide (CO2) and power. It also trades around its assets including transportation and storage capacity and trades oil NGLs gas and other commodities.

Occidental Petroleum Corporation

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