Occidental Petroleum Corp Earnings Cheat Sheet: Profit Rises by Double-Figures for Fifth Consecutive Quarter

S&P 500 (NYSE:SPY) component Occidental Petroleum Corporation (NYSE:OXY) reported net income above Wall Street’s expectations for the third quarter. Occidental Petroleum is an international organization with subsidiaries operating in the oil and gas, chemical, and midstream markets.

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Occidental Petroleum Earnings Cheat Sheet for the Third Quarter

Results: Net income for Occidental Petroleum Corporation rose to $1.77 billion ($2.17 per share) vs. $1.19 billion ($1.46 per share) in the same quarter a year earlier. This marks a rise of 49% from the year earlier quarter.

Actual vs. Wall St. Expectations: OXY beat the mean analyst estimate of $1.95 per share.

Quoting Management: Stephen I. Chazen, President and Chief Executive Officer, said, “The third quarter 2011 domestic production was 436,000 BOE per day, the highest in Occidental’s history, and total sales were 743,000 BOE per day. We continue to generate strong financial results with cash flow from operations of $8.6 billion for the first nine months of 2011 and annualized ROE of 20 percent.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 70.9% and in the first quarter, the figure rose 45.6%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 6 cents in the second quarter, by 16 cents in the first quarter, and by 3 cents in the fourth quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from $2.20 a share to $1.80 over the last ninety days. The average estimate for the fiscal year is $7.94 per share, down from $8.49 ninety days ago.

Competitors to Watch: ConocoPhillips (NYSE:COP), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), Marathon Oil Corporation (NYSE:MRO), Hess Corp. (NYSE:HES), Eni S.p.A. (NYSE:E), Williams Companies, Inc. (NYSE:WMB), Double Eagle Petroleum Co. (NASDAQ:DBLE), Southwestern Energy Co. (NYSE:SWN), and EQT Corporation (NYSE:EQT).

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(Source: Xignite Financials)