Occidental Petroleum Corp Earnings: Double-Digit Profit Growth for Fifth Consecutive Quarter

S&P 500 (NYSE:SPY) component Occidental Petroleum Corporation (NYSE:OXY) reported its results for the fourth 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 Fourth Quarter

Results: Net income for the independent oil and gas company rose to $1.63 billion ($2.01 per share) vs. $1.21 billion ($1.49 per share) in the same quarter a year earlier. This marks a rise of 34.8% from the year earlier quarter.

Revenue: Rose 19.2% to $6.03 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: OXY reported adjusted net income of $2.02 per share. By that measure, the company beat the mean estimate of $1.96 per share. It beat the average revenue estimate of $5.7 billion.
Quoting Management: In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “The 2011 net income of $6.8 billion was 49-percent higher than 2010. For the year, we continued to generate strong financial results with cash flow from operations of $12.3 billion and ROE of 19 percent. We increased our annual dividend by 21 percent to $1.84 per share.”

Key Stats:
The company has now seen net income rise in three straight quarters. In the third quarter, net income rose 48.7% and in the second quarter, the figure rose 70.9%.
The company has now topped analyst estimates for the last four quarters.  It beat the mark by 23 cents in the third quarter, by 6 cents in the second quarter, and by 16 cents in the first quarter.
Looking Forward: Expectations for the company’s next quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the first quarter of the next fiscal year has risen to $2.01 per share from $1.94. For the fiscal year, the average estimate has moved up from $7.94 a share to $8.32 over the last ninety days.

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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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)