Summary by Moomoo AI
Occidental Petroleum reported a decrease in net income for the first quarter of 2024, with figures showing a drop from $1,263 million in Q1 2023 to $888 million in Q1 2024. The company's income from continuing operations also fell to $706 million from $1,263 million year-on-year. Basic income per common share decreased from $1.08 to $0.81, and diluted income per common share went down from $1.00 to $0.75. Despite the decline in net income, Occidental's oil and gas segment reported net sales of $4,915 million and a net income of $1,238 million for the quarter. The chemical segment also performed well with net sales of $1,186 million and a net income of $254 million. However, the midstream and marketing segment experienced a loss of $33 million. The company is facing a potential repayment of...Show More