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Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
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Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2024 results on May 7, after market close. In the last four reported quarters, the company delivered an earnings surprise of 3.39%, on average.
The Zacks Consensus Estimate for earnings is pegged at 56 cents per share on revenues of $6.7 billion. The top and bottom-line estimates suggest a decline of 7.7% and 48.6%, respectively, from a year ago.
Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that's not the case here.
At present, Occidental has an Earnings ESP of -1.43% and a Zacks Rank of 3.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
For oil and gas companies, production volumes and realized prices are most important factors to determine revenues. The overall expected improvement in oil prices is likely to have benefited OXY’s performance in the quarter under review.
Management expects total production in the range of 1,155-1,195 thousand barrels of oil equivalent per day (MBOE/d). It estimates output from Permian Resources in the band of 551-571 MBOE/d.
Other Factors to Consider
Occidental’s first-quarter results are likely to benefit from the acquisition of Carbon Engineering, which is expected to have assisted the company in lowering emission. The acquisition is expected to have improved operating efficiencies and reduced operating costs. OXY’s performance is also expected to have been positively impacted by its zero-routine flaring.
The company’s diversified asset base and strong performance of its onshore assets in Permian and Rockies are expected to have boosted performance in the quarter under discussion.
The ongoing share repurchases are likely to have a positive impact on earnings. The repayment of outstanding debt might have reduced capital servicing costs. Also, it is expected to have boosted margins.
Stocks to Consider
Excelerate Energy, Inc. (EE - Free Report) is likely to deliver an earnings surprise when it posts first-quarter results on May 8, after market close. EE has an Earnings ESP of +44.44% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for EE’s first-quarter 2024 earnings implies an increase of 5% in the past 30 days.
California Resources Corporation (CRC - Free Report) is likely to deliver an earnings surprise when it releases first-quarter numbers on May 7, after market close. CRC has an Earnings ESP of +10.34% and currently has a Zacks Rank #3.
The Zacks Consensus Estimate for CRC’s first-quarter 2024 earnings indicates a decrease of 4.9% in the past 30 days.
HighPeak Energy Inc. (HPK - Free Report) is likely to deliver an earnings surprise when it reports first-quarter figures on May 8, after market close. HPK has an Earnings ESP of +6.03% and currently has a Zacks Rank #3.
The Zacks Consensus Estimate for HPK’s first-quarter 2024 earnings suggests growth of 8.3% in the past 30 days.
Image: Bigstock
Occidental (OXY) to Post Q1 Earnings: What's in the Offing?
Occidental Petroleum Corporation (OXY - Free Report) is scheduled to release first-quarter 2024 results on May 7, after market close. In the last four reported quarters, the company delivered an earnings surprise of 3.39%, on average.
The Zacks Consensus Estimate for earnings is pegged at 56 cents per share on revenues of $6.7 billion. The top and bottom-line estimates suggest a decline of 7.7% and 48.6%, respectively, from a year ago.
Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that's not the case here.
At present, Occidental has an Earnings ESP of -1.43% and a Zacks Rank of 3.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Occidental Petroleum Corporation Price, Consensus and EPS Surprise
Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation Quote
Q1 Production Expectations
For oil and gas companies, production volumes and realized prices are most important factors to determine revenues. The overall expected improvement in oil prices is likely to have benefited OXY’s performance in the quarter under review.
Management expects total production in the range of 1,155-1,195 thousand barrels of oil equivalent per day (MBOE/d). It estimates output from Permian Resources in the band of 551-571 MBOE/d.
Other Factors to Consider
Occidental’s first-quarter results are likely to benefit from the acquisition of Carbon Engineering, which is expected to have assisted the company in lowering emission. The acquisition is expected to have improved operating efficiencies and reduced operating costs. OXY’s performance is also expected to have been positively impacted by its zero-routine flaring.
The company’s diversified asset base and strong performance of its onshore assets in Permian and Rockies are expected to have boosted performance in the quarter under discussion.
The ongoing share repurchases are likely to have a positive impact on earnings. The repayment of outstanding debt might have reduced capital servicing costs. Also, it is expected to have boosted margins.
Stocks to Consider
Excelerate Energy, Inc. (EE - Free Report) is likely to deliver an earnings surprise when it posts first-quarter results on May 8, after market close. EE has an Earnings ESP of +44.44% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for EE’s first-quarter 2024 earnings implies an increase of 5% in the past 30 days.
California Resources Corporation (CRC - Free Report) is likely to deliver an earnings surprise when it releases first-quarter numbers on May 7, after market close. CRC has an Earnings ESP of +10.34% and currently has a Zacks Rank #3.
The Zacks Consensus Estimate for CRC’s first-quarter 2024 earnings indicates a decrease of 4.9% in the past 30 days.
HighPeak Energy Inc. (HPK - Free Report) is likely to deliver an earnings surprise when it reports first-quarter figures on May 8, after market close. HPK has an Earnings ESP of +6.03% and currently has a Zacks Rank #3.
The Zacks Consensus Estimate for HPK’s first-quarter 2024 earnings suggests growth of 8.3% in the past 30 days.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.