Occidental Petroleum delivered higher-than-expected earnings per share in This autumn 2024 regardless of income falling barely in need of projections.
Occidental Petroleum (OXY 1.62%), an built-in oil and gasoline firm, introduced its fourth-quarter 2024 earnings on Feb. 18, 2025. The corporate reported adjusted EPS of $0.80, exceeding the market expectation of $0.68 by 17.6%. Income got here in at $6.8 billion, barely beneath analyst estimates of $6.9 billion.
| Metric | This autumn 2024 | This autumn Estimate | This autumn 2023 | Y/Y Change |
|---|---|---|---|---|
| Adjusted EPS | $0.80 | $0.68 | $0.74 | +8.1% |
| Income ($ Tens of millions) | $6,837 | $6,978 | $7,529 | -9% |
| Working Money Circulate | $3,556M | – | $3,239M | +9.8% |
| Worldwide Manufacturing (MBOE/D) | 1,463 | – | 1,234 | +18.5% |
Supply: Analyst estimates for the quarter offered by FactSet.
Occidental Petroleum, a producer of oil, gasoline, and chemical compounds, operates with a major concentrate on exploration, growth, and manufacturing. Primarily based in the US, with operations extending to the Center East and Latin America, its enterprise revolves round hydrocarbon manufacturing and chemical manufacturing. A cornerstone of its technique is oil and gasoline manufacturing effectivity, complemented by a sturdy aggressive technique in chemical segments. Occidental goals to maintain worthwhile operations by way of cost-effective manufacturing and strategic market positioning.
Just lately, Occidental has focused on carbon administration initiatives, investing in carbon seize, utilization, and storage (CCUS) applied sciences. This aligns with its targets to scale back greenhouse gasoline emissions.
Quarterly Highlights
Throughout This autumn 2024, Occidental displayed strong efficiency in key areas. Notably, it achieved a manufacturing price of 1,463 thousand barrels of oil equal per day, reflecting an 18.5% enhance from the earlier yr. This efficiency was pushed by substantial outputs within the Permian Basin and Rocky Mountains.
The corporate’s chemical section, branded as OxyChem, reported a pre-tax revenue of $270 million regardless of dealing with strain from falling PVC (Polyvinyl chloride) costs.
Within the midstream and advertising section, Occidental noticed a pre-tax lack of $134 million. This was primarily attributable to web spinoff losses.
The corporate continues to prioritize its deleveraging technique. It repaid $4.5 billion of debt, aligning with its concentrate on sustaining monetary stability and lowering curiosity liabilities. Moreover, Occidental confirmed its dedication to addressing local weather change challenges by way of its strategic investments in low-carbon applied sciences.
Future Outlook
Occidental’s administration is bullish on the outlook, pushed by disciplined capital allocation and debt discount methods. Trying forward, Occidental plans to stay attentive to international vitality market dynamics, emphasizing its intention to leverage carbon administration tasks and revolutionary restoration strategies to safe long-term stability.
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