Earnings Summary: Occidental Petroleum reports lower Q3 revenue and adj. profit

Energy company Occidental Petroleum Corporation (NYSE: OXY) has reported a decrease in revenues and adjusted earnings for the third quarter of 2024.

• Total revenue and other income came in at $7.15 billion in the third quarter, compared to $7.40 billion in the prior year quarter
• Net income attributable to the company was $964 million in Q3, compared to $1.16 billion in the same period of 2023
• On a per-share basis, earnings declined to $0.98 in the third quarter from $1.20 a year earlier
• On an adjusted basis, third-quarter earnings decreased to $1.00 per share from $1.18 per share a year earlier
• Operating cash flow rose to $3.8 billion during the three months, reflecting strong operational performance
• Total company production of 1,412 Mboed was up 16% year-over-year, which exceeded the mid-point of the management’s guidance by 22 Mboed