Occidental - Not looking that good

And stock prices have rallied since 2021, from USD 20 per share to USD 63.52 as of writing.

So what do the latest results entail?

Prices came down as the crude oil market marked a 32% decline to an average of USD 73.59.

Even though production was marginally higher than planned, at 1.218 million barrels of oil equivalent daily, the lower oil price has dragged down the financials.

The net earnings came in at USD 605 million for the quarter, with pre-tax profits from oil and gas at USD 1.1 billion, versus USD 1.6 billion a year earlier. The pre-tax figure was affected by writedowns on assets in the Powder River Basin that Oxy said had decided not to invest in further.

Occidental might not be paying a lot of dividends, but it certainly has been doing more buy backs.

DISCLAIMER
The information available in this article/report/analysis is for sharing and education purposes only. This is neither a recommendation to purchase or sell any of the shares, securities, or other instruments mentioned; nor can it be treated as professional advice to buy, sell or take a position in any shares, securities, or other instruments. If you need specific investment advice, please consult the relevant professional investment advice and/or for study or research only.