Occidental Petroleum: An Unloved Integrated Oil And Gas Value Investment Opportunity
Caiman Valores • 32 Comments
Caiman Valores • 32 Comments
Thu, May 5, 12:57 PM
- Occidental Petroleum (OXY +2.6%) is up despite posting worse than expected Q1 operating losses and revenues, as it raises its 2016 production growth outlook to a 4%-6% increase from an earlier view to a 2%-4% gain.
- OXY says Q1 production from U.S. fields rose by 17K boe/day to 307K boe/day, with the entire increase attributable to its Permian Basin resources, while total output from ongoing operations including the international business rose 11% to 590K boe/day from 531,000 boe/day.
- OXY says Q1 operating costs improved 10% Q/Q and 33% Y/Y, with total oil and gas operating costs falling by 23% Y/Y; OXY's realized crude oil price fell 39% Y/Y to $29.42/bbl.
- The company says it is continuing to reduce its exposure to the Middle East and North Africa region, including in Bahrain, Iraq and Yemen.
Thu, May 5, 7:10 AM
Wed, May 4, 5:30 PM
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Thu, Feb. 4, 12:46 PM
- Occidental Petroleum (OXY +1.7%) says it has no plans to cut its dividend and is confident payouts can be covered through cash flow and debt.
- "We don't see a threat to our dividend going through this cycle," OXY President Vicki Hollub says in the company's earnings conference call in response to analysts seeking reassurances in the wake of ConocoPhillips' newly announced 66% dividend cut; OXY's dividend costs ~$2.23B annually.
- In its Q4 earnings report, OXY says it ended 2015 with ~$4.4B in cash on the balance sheet and expects to receive another $900M from the Ecuador settlement and $300M in proceeds from asset sales in the coming months.
- OXY's Q4 production climbed 12.6% Y/Y to 671K boe/day, roughly flat compared with the previous quarter; its realized crude oil price in Q4 was $38.68/bbll, down 46% Y/Y.
Thu, Feb. 4, 7:13 AM
- Occidental Petroleum (NYSE:OXY): Q4 EPS of -$0.17 misses by $0.05.
- Revenue of $2.8B (-35.0% Y/Y) misses by $150M.
Wed, Feb. 3, 5:30 PM
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Oct. 28, 2015, 11:29 AM
- Occidental Petroleum (OXY +4.8%) powers higher after reporting better than expected Q3 earnings and announcing plans to exit some shale basins in the U.S.
- CEO Stephen Chazen says OXY will exit the Williston Basin and consider minimizing its involvement in its Middle East and North Africa non-core operations.
- OXY says total Q3 production rose 16% Y/Y to 689K boe/day, as it started up its Al Hosn oil field in the UAE, which produced 50K bbl/day in the quarter and oil output in west Texas surged 72% to 74K bbl/day.
- OXY says Q3 WTI and Brent marker prices were $46.43/bbl and $51.17/bbl, respectively, down more than 50% Y/Y.
- Says it reduced its Q3 capital budget by $300M.
Oct. 28, 2015, 7:22 AM
- Occidental Petroleum (NYSE:OXY): Q3 EPS of $0.03 beats by $0.04.
- Revenue of $3.25B (-34.1% Y/Y) beats by $50M.
Oct. 27, 2015, 5:30 PM
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Jul. 30, 2015, 8:58 AM
- Occidental Petroleum (NYSE:OXY) -0.9% premarket after Q2 earnings fall 85% and revenues drop 32% Y/Y, as lower oil prices offset a surge in crude production from the Permian Basin in west Texas and elsewhere.
- OXY says it Q2 production grew 13% Y/Y to 658K boe/day from last year's 580K, led by the Permian, where output surged 51% to 109K boe/day.
- Q2 operating costs in the U.S. fell to $13/boe from $14.50 in 2014, and capital was ~$250M lower than Q1 and 25%-plus less than the same period last year.
- Says higher production volumes, improved well performance in the Permian, and higher product prices resulted in a ~$400M Q/Q increase in operating cash flow before working capital.
Jul. 30, 2015, 7:30 AM
- Occidental Petroleum (NYSE:OXY): Q2 EPS of $0.21 in-line.
- Revenue of $3.52B (-38.2% Y/Y) misses by $130M.
May 6, 2015, 10:35 AM
- Occidental Petroleum (OXY +2.5%) opens higher after reporting Q1 earnings in-line with expectations and raising its 2015 production forecast.
- OXY says its Q1 production rose 13% Y/Y to 645K boe/day, led by the Permain Resources business, where production grew 46%; it raises its FY 2015 production guidance to grow by 60K-80K boe/day from last year's level of 591K boe/day.
- OXY's Q1 chemical unit earnings rose 2% Y/Y to $139M, while the midstream pipeline business posted a $5M loss vs. a year-ago $96M profit, due to falling ethane and propane costs.
- The results came a day after OXY named company insider Vicki Hollub as its next CEO and raised its quarterly dividend.
May 6, 2015, 7:03 AM
- Occidental Petroleum (NYSE:OXY): Q1 EPS of $0.04 in-line.
- Revenue of $3.09B (-37.7% Y/Y) misses by $210M.
May 5, 2015, 5:30 PM
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Jan. 29, 2015, 8:49 AM
- Occidental Petroleum (NYSE:OXY) -0.5% premarket after posting an unadjusted Q4 earnings loss, thanks to net writedowns totaling ~$4B as a result of the slump in oil prices.
- OXY says it is planning a 2015 capital spending budget of $5.8B, down by a third from 2014 levels, as the company says it is focused on cutting costs, which includes renegotiating supplier contracts.
- OXY plans to focus on core assets in the Permian Basin and parts of the Middle East, and is minimizing development activities in the Williston Basin, domestic gas properties, Bahrain, and the Joslyn oil sands project.
- OXY also reports year-end 2014 preliminary worldwide proved reserves of 2.82B boe, up 3% Y/Y; preliminary domestic proved reserves totaled 1.78B boe, up 6.5% Y/Y.
Occidental Petroleum Corp. is an international oil and gas exploration and production company. It operates through following business segments: Oil and Gas, Chemical and Midstream and Marketing. The Oil and Gas segment develops and produces oil and condensate, natural gas liquids and natural... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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