Occidental Petroleum Earnings: Oil & Gas Production Up Over Four Percent
S&P 500 (NYSE:SPY) component Occidental Petroleum Corporation (NYSE:OXY) saw net income rise in the first quarter. Occidental Petroleum Corporation is an international organization with subsidiaries operating in the oil and gas, chemical and midstream markets.
Occidental Petroleum Earnings Cheat Sheet for the First Quarter
Results: Net income for Occidental Petroleum Corporation rose to $1.55 billion ($1.90/share) vs. $1.06 billion ($1.31/share) in the same quarter a year earlier. A rise of 45.6% from the year earlier quarter.
Revenue: Rose 20% to $5.73 billion YoY.
Actual vs. Wall St. Expectations: OXY reported adjusted net income from continuing operations of $1.72. By that measure, it fell short of the mean analyst estimate of $1.80/share. Estimates ranged from $1.63 per share to $1.94 per share.
Quoting Management: In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, “The first quarter of 2011 core income of $1.6 billion was 45-percent higher than the first quarter of 2010. Our oil and gas production for the first quarter of 2011 increased over four percent, as compared to the first quarter of 2010, to 730,000 BOE per day.”
The company has now seen net income rise in three-straight quarters. In the fourth quarter of the last fiscal year, net income rose 29.2% and in the third quarter of the last fiscal year, the figure rose 28.5%.
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).
Today’s Performance: Shares of OXY are trading at $103.95 as of April 28, 2011 at 2:58 PM ET, up 0.9% from the previous closing price of $103.