Occidental Petroleum Corp. (NYSE:OXY) reported its fourth-quarter results after Tuesday's closing bell. Here's a look at the key figures from the quarter.
The Details: Occidental Petroleum reported quarterly earnings of 80 cents per share which beat the analyst consensus estimate of 70 cents and is an increase over earnings of 74 cents per share from the same period last year. Quarterly revenue came in at $6.83 billion which missed the analyst consensus estimate of $7.05 billion and is a decrease from revenue of $7.52 billion from the same period last year.
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Total company production of 1,463 Mboed exceeded the mid-point of guidance by 13 Mboed.
The company increased its quarterly dividend by 9% to 24 cents per share, payable April 15, 2025, to shareholders ofrecord as of March 10, 2025.
Occidental Petroleum also announced the company achieved its near-term debt repayment target of $4.5 billion in the fourth quarter and signed two agreements in the first quarter of 2025 to divest upstream assets for a combined total of $1.2 billion.
“Our teams continued to demonstrate industry-leading performance during the fourth quarter of 2024, outperforming guidance across all three segments and delivering record U.S. production while improving our capital efficiency,” said CEO Vicki Hollub.
“Our operational excellence translated to another quarter of strong financial results, highlighted by our fourth quarter operating cash flow, enabling us to achieve our near-term debt repayment target of $4.5 billion. Additional key differentiators for Occidental are our 2024 all-in reserve replacement of 230% and organic reserves replacement of 112%, which are indicators of our long-term sustainability,” Hollub added.
OXY Price Action: According to data from Benzinga Pro, Occidental Petroleum shares are down 1.3% after hours at $48.24 Tuesday.
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