Occidental (OXY) to Report Q2 Earnings: What's in Store?

Occidental Petroleum Corporation (OXY Quick QuoteOXY - Free Report) is scheduled to release second-quarter 2023 results on Aug 2 after market close. In the last reported quarter, the company delivered a negative surprise of 16.15%.
Let’s discuss the factors that are likely to get reflected in the upcoming quarterly results.

Factors to Consider
Occidental’s second-quarter production volume is expected to be the lowest of the year due to the timing of its domestic onshore activity and the optimization of its maintenance schedule to reduce planned downtime in the Gulf of Mexico. Second-quarter domestic operating cost is expected to increase due to ongoing maintenance work.
During the second quarter, the contribution of oil to total production will be lower compared with the historical quarter due to a lower contribution from the Gulf of Mexico and Algerian assets. The drop in commodity prices might have impacted earnings.
Occidental’s second-quarter earnings are expected to have benefited from the ongoing share repurchases. Repayment of outstanding debts might have also reduced capital servicing costs and boosted margins.