Occidental Petroleum Q4’FY22 Earnings Summary
$Occidental Petroleum (OXY.US)$ Q4’FY22 EPS of $1.61 missed the analysts’ estimated $1.81 EPS by 11%, after falling 9% from Q3. Their revenue for the quarter barely missed estimates by 0.5%.
Their upstream unit delivered production volumes as estimated, with marginal outperformance in the Middle East, Gulf of Mexico, and Rockies which almost made up for winter weather headwinds in the Permian Basin. Midstream business incurred a slight loss, and pretax earnings from their chemical business dipped on declining PVC prices and lower volumes, but still exceeded guidance overall.
The capital budget for FY2023 was set at $5.2 to 5.6 bil, which is a 20% increase compared to the previous year. OXY management expects their FY2023 production to be 2% than 2022 average, but 4% lower than Q4’FY23.
OXY also announced a new $3 bil share buyback program and a 38% increase of its dividend to $0.18 a share.
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