Warren Buffett's Favorite Stock, Occidental Petroleum Reports Mixed Q1 Results
Portfolio Pulse from Erica Kollmann
Occidental Petroleum Corporation (NYSE:OXY) reported Q1 earnings of 63 cents per share, beating estimates by 5% but down 42.2% year-over-year. Sales were $6.01 billion, missing estimates by 10.3% and down 17.19% from last year. The company highlighted strong operational performance, with $2 billion in operating cash flow and $720 million in free cash flow before working capital. Production was in line with guidance despite challenges in the Gulf of Mexico. Shares fell 0.82% after-hours.
May 07, 2024 | 9:08 pm
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Occidental Petroleum reported mixed Q1 results with earnings beating estimates but sales missing expectations. The company showcased strong operational performance and cash flow.
The mixed earnings report, with a beat on EPS but a miss on revenue, generally leads to uncertain market reactions. However, the after-hours stock price movement indicates a negative short-term impact. The emphasis on strong operational performance and cash flow might mitigate some concerns, but the immediate reaction is negative.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100