Occidental Petroleum (OXY) Reports Q1 Loss, Tops Revenue Estimates

Occidental Petroleum (OXY) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.33. This compares to loss of $0.52 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 54.55%. A quarter ago, it was expected that this oil and gas exploration and production company would post a loss of $0.53 per share when it actually produced a loss of $0.78, delivering a surprise of -47.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates just once.

Occidental, which belongs to the Zacks Oil and Gas – Integrated – United States industry, posted revenues of $5.48 billion for the quarter ended March 2021, surpassing the Zacks Consensus Estimate by 11.28%. This compares to year-ago revenues of $6.45 billion. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.

Occidental shares have added about 58.2% since the beginning of the year versus the S&P 500’s gain of 12.7%.

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