Summary
Occidental Petroleum Corporation (OXY) reported revenues of $7.16 billion for the third quarter of 2023, a decrease from $9.39 billion in the same period last year, primarily due to lower commodity prices. Net income attributable to common stockholders was $1.16 billion, or $1.20 per diluted share, down from $2.55 billion, or $2.52 per diluted share, in Q3 2022. For the nine months ended September 30, 2023, net income attributable to common stockholders was $2.74 billion, a significant decrease from $10.78 billion in the prior year period. Despite revenue declines, the company generated robust operating cash flow of $9.1 billion year-to-date, supporting investments in its core businesses and low-carbon ventures, shareholder returns through dividends and share repurchases, and debt reduction efforts. Notably, Occidental completed the acquisition of the remaining interest in Carbon Engineering and entered into a joint venture with BlackRock for a Direct Air Capture plant, highlighting its strategic focus on low-carbon initiatives.
Financial Highlights
47 data points| Revenue | $7.27B |
| Cost of Revenue | $682.00M |
| Gross Profit | $6.59B |
| SG&A Expenses | $258.00M |
| Net Income | $1.38B |
| EPS (Basic) | $1.30 |
| EPS (Diluted) | $1.20 |
| Shares Outstanding (Basic) | 884.00M |
| Shares Outstanding (Diluted) | 958.20M |
Key Highlights
- 1Third quarter 2023 revenues decreased to $7.16 billion from $9.39 billion in Q3 2022, reflecting lower commodity prices.
- 2Net income attributable to common stockholders for Q3 2023 was $1.16 billion ($1.20/share), down from $2.55 billion ($2.52/share) in Q3 2022.
- 3Year-to-date operating cash flow remained strong at $9.1 billion, despite lower commodity prices compared to the prior year.
- 4The company repurchased $1.6 billion of treasury stock and redeemed $342 million face value of preferred stock in Q3 2023 as part of its shareholder return framework.
- 5Occidental completed the acquisition of Carbon Engineering Ltd. in November 2023, signaling a strategic push into direct air capture technology.
- 6A joint venture with BlackRock was announced for the development of a large-scale Direct Air Capture plant, further demonstrating commitment to low-carbon ventures.