LONDON, UK / ACCESSWIRE / June 12, 2018 / If you want access to our free earnings report on Occidental Petroleum Corp. (NYSE: OXY), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OXY. Occidental Petroleum Corp. (NYSE: OXY) reported its first quarter fiscal 2018 operating and financial results on May 08, 2018. The oil and gas exploration and production Company outperformed top and bottom-line expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Earnings Highlights and Summary

For the three months ended March 31, 2018, Occidental Petroleum generated revenue of $3.83 billion, up 28.5% compared to $2.98 billion in Q1 2017. The Company's reported numbers exceeded analysts' estimates by $170 million.

For Q1 2018, Occidental Petroleum announced reported and core income of $708 million, or $0.92 per diluted share, compared to 4117 million, or $0.15 per diluted share, in Q1 2017. The Company's earnings surpassed Wall Street's estimates of $0.71 per share.

Operating Results

Oil and Gas

During Q1 2108, Occidental Petroleum's total average daily production volumes were 609,000 barrels of oil equivalent (BOE) compared to 621,000 BOE in Q1 2017. The Company's Permian Resources average daily production volumes improved on a q-o-q basis by 11% to 177,000 BOE, due to better-than-expected well results, especially in the Greater Sand Dunes, where Occidental Petroleum continues to produce sustained basin-leading well results with 16 wells reporting 30-day production rates averaging 3,100 BOE per day. Compared to the Q1 2017, Permian Resources production increased by 37%.

The segment's International average daily volumes in Q1 2018 were lower in by 29,000 BOE, on a q-o-q basis, due to planned maintenance related to Al Hosn Gas and Dolphin operations as well as the impact of higher prices on production sharing contracts.

Occidental Petroleum's oil and gas pre-tax income as $750 million for Q1 2018 compared to $44 million for Q4 2017, which reflected impairment charges net of gains on sales of $337 million. The $369 million improvement in the reported quarter income, excluding the impact of the impairment charges net of gains on sales, reflected significantly higher oil prices and lower depreciation, depletion, and amortization rates.

Chemical

During Q1 2018, Occidental Petroleum's Chemical segment pre-tax income of $298 million compared to pre-tax income of $222 million in Q4 2017. The Company's Q4 2017 results included a gain on a sale of $5 million. The increase in earnings resulted primarily from higher realized prices across most product lines, lower ethylene costs, and improved margins throughout the quarter. Occidental's Q1 2018 results also benefited from the December 2017 start-up of the Geismar, Louisiana, plant expansion to produce 4CPe, a new raw material used in making next-generation refrigerants.

Midstream and Marketing

Occidental Petroleum's Midstream pre-tax income was $179 million for Q1 2018 compared to $9 million for Q4 2017. The Company's reported quarter included a $43 million pre-tax gain on sale of interests in a gas plant, and previous quarter income included non-cash charges of $120 million on idled facilities. Excluding these amounts, the increase in Q1 2018 income reflected lower operating expenses for the gas plants and improved operational efficiencies at the Seminole San Andres CO2 plant acquired in 2017.

Cash Matters

Occidental Petroleum's operating cash flow before working capital improved sequentially to approximately $1.7 billion, due to higher oil prices along with higher Permian Resources' production as well as higher contributions from the chemicals and midstream segments.

The Company spent $1 billion in capital during the reported quarter, in line with its full year capital plan of $3.9 billion. In Q1 2018, Occidental Petroleum issued $1 billion in debt to retire $500 million of notes that were due in February 2018, and for general corporate purposes.

Stock Performance Snapshot

June 11, 2018 - At Monday's closing bell, Occidental Petroleum's stock was slightly up 0.80%, ending the trading session at $86.15.

Volume traded for the day: 5.79 million shares, which was above the 3-month average volume of 5.51 million shares.

Stock performance in the last month ? up 2.73%; previous three-month period ? up 34.84%; past twelve-month period ? up 41.21%; and year-to-date ? up 16.96%

After yesterday's close, Occidental Petroleum's market cap was at $66.74 billion.

Price to Earnings (P/E) ratio was at 35.05.

The stock has a dividend yield of 3.58%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 0.5% at the end of the session.

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