Occidental Petroleum Corporation Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Occidental Petroleum Corporation Reports Q2 2024 Financial Results
Occidental Petroleum Corporation recently announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metrics | Q2 2024 | Q1 2024 | Q2 2023 | Year-Over-Year Change | Quarter-Over-Quarter Change | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $6.7B | $6.3B | $7.1B | -5.6% | +6.3% | $6.8B |
| Earnings Per Share | $0.75 | $0.67 | $0.79 | -5.1% | +11.9% | $0.77 |
Interpretation: Occidental’s Q2 revenue of $6.7 billion narrowly missed Wall Street estimates of $6.8 billion, seeing a decrease of 5.6% year-over-year but an increase of 6.3% quarter-over-quarter. The earnings per share (EPS) came in at $0.75, slightly below the consensus of $0.77, marking a 5.1% decline year-over-year but an 11.9% increase quarter-over-quarter.
Revenue Performance by Segment
| Segment | Q2 2024 | Q1 2024 | Q2 2023 |
|---|---|---|---|
| Oil and Gas | $4.1B | $3.8B | $4.4B |
| Chemicals | $1.2B | $1.1B | $1.3B |
| Midstream & Marketing | $1.1B | $1.0B | $1.4B |
Interpretation: The oil and gas segment saw revenue of $4.1 billion, up from $3.8 billion in Q1 2024 but down from $4.4 billion in Q2 2023. The chemical segment reported $1.2 billion, a slight improvement from Q1 2024’s $1.1 billion but below the $1.3 billion from last year. Midstream & marketing revenue was $1.1 billion, up from $1.0 billion in Q1 2024 but down from $1.4 billion in Q2 2023.
Executive Comments
While specific comments from company officers are not provided, Occidental’s management presumably emphasized the company's ongoing strategies and operational efficiencies to navigate the challenging market environment.
Dividends and Share Repurchase Program
During the six months ended June 30, 2024, Occidental declared dividends of $0.44 per share, amounting to $398 million.
Forward Guidance
Occidental Petroleum did not provide new forward guidance in this earnings release.
Stock Price Movement
Following the earnings announcement, Occidental's stock price showed a decline of 0.036%, reflecting the market's reaction to the softer-than-expected revenue and earnings figures.
In summary, while Occidental Petroleum Corporation demonstrated quarterly growth in revenue and earnings per share, the company slightly missed market expectations and faced year-over-year declines across most segments. Despite these challenges, the company continues to deliver dividends and maintain a cautious approach to future guidance.
