Energy company Occidental Petroleum Corporation (NYSE: OXY) has reported financial results for the first quarter of 2023, reporting lower revenues and earnings.
- Total revenues declined to $7.23 billion in the first quarter from $8.35 billion in the same period of last year
- Net income attributable to shareholders decreased to $983 million or $1.0 per share from $4.68 billion or $4.65 per share in the same period of last year
- First-quarter adjusted earnings were $1.09 per share, compared to $2.12 per share in the prior-year quarter
- Cash flow from operations came in at $2.9 billion; cash flow from operations before working capital was $3.2 billion
- The company reported total production of 1,220 Mboed, which is above the mid-point of guidance
- Repurchased $752 million of common stock in Q1, accounting for over 25% of the $3.0 billion repurchase program