Occidental Petroleum Reports Mixed Q2 Results, Raises Full-Year Production Outlook
Portfolio Pulse from Ryan Gustafson
Occidental Petroleum Corporation reported mixed Q2 results, with earnings per share of $0.63, missing the analyst consensus estimate of $0.72. However, the company beat sales estimates with $6.73 billion in quarterly sales. The company also reported production of 1,218 Mboed, surpassing guidance by 42 Mboed, and raised its full-year production guidance to 1,210 Mboed. Despite the mixed results, OXY shares were down 2.55% after hours.
August 04, 2023 | 12:22 pm
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Occidental Petroleum's Q2 earnings missed estimates but sales beat forecasts. The company also raised its full-year production guidance. However, the stock was down in after-hours trading.
Occidental Petroleum's stock price is likely to be negatively impacted in the short term due to the missed earnings estimates, despite the beat on sales and raised production guidance. The after-hours trading already shows a downward trend.
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