Occidental Petroleum Earnings Cheat Sheet: Five Straight Quarters of Double-Digit Growth

S&P 500 (NYSE:SPY) component Occidental Petroleum Corporation (NYSE:OXY) reported higher profit for the second quarter as revenue showed growth. Occidental Petroleum Corporation 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 Second Quarter

Results: Net income for Occidental Petroleum Corporation rose to $1.82 billion ($2.23 per share) vs. $1.06 billion ($1.31 per share) in the same quarter a year earlier. This marks a rise of 70.9% from the year earlier quarter.

Revenue: Rose 29.7% to $6.17 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: OXY beat the mean analyst estimate of $2.19 per share. It beat the average revenue estimate of $5.79 billion.

Quoting Management: Stephen I. Chazen, President and Chief Executive Officer, said, “The second quarter 2011 net income of $1.8 billion was an increase of 17 percent over the first quarter results. Improved earnings in all of our business segments resulted in a six month, year-to-date cash flow from operations of $5.6 billion and an annualized return on equity of 20 percent. Our second quarter domestic oil and gas production grew 11 percent from the second quarter of the prior year to 424,000 BOE per day.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 45.6% and in the fourth quarter of the last fiscal year, the figure rose 29.2%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by 16 cents in the first quarter, by 3 cents in the fourth quarter of the last fiscal year, and by 10 cents in the third quarter of the last fiscal year.

Revenue has risen the past four quarters. Revenue increased 20% to $5.73 billion in the first quarter. The figure rose 1.7% in the fourth quarter of the last fiscal year from the year earlier and climbed 19.3% in the third quarter of the last fiscal year from the year-ago quarter.

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)

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