What's Going On With Occidental Petroleum Corporation Shares Thursday?
Portfolio Pulse from Dylan Berman
Occidental Petroleum Corporation (NYSE:OXY) shares are trading higher after the company reported strong Q2 2024 earnings, beating analyst estimates on both EPS and sales. The company attributed its financial success to higher domestic crude oil volumes and prices, despite lower domestic gas prices and higher transportation costs.
August 08, 2024 | 4:48 pm
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Occidental Petroleum Corporation (NYSE:OXY) reported strong Q2 2024 earnings, with adjusted EPS of $1.03 beating estimates of 77 cents and sales of $6.82 billion beating estimates of $6.80 billion. The stock is trading 4.78% higher.
The strong earnings report, which beat analyst estimates on both EPS and sales, is driving the stock price higher. The company's performance was bolstered by higher domestic crude oil volumes and prices, which is a positive indicator for future performance.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100