The earnings call reflected strong operational performance and strategic progress, particularly in production achievements, successful asset integration, and significant debt reduction. However, challenges related to weather impacts, commodity price volatility, and changes in oil mix were noted as concerns.

Company Guidance

During Occidental's third-quarter 2024 earnings call, the company reported remarkable performance, achieving $1.5 billion in free cash flow before working capital, surpassing guidance across all segments. The Oil & Gas segment set a new record for the highest quarterly U.S. production in the company's history, driven by strong well performance and higher uptime, particularly in the Permian Basin. The integration of CrownRock contributed to exceeding production guidance. Vicki Hollub highlighted a 20% reduction in Permian unconventional drilling cycle times and a 10% improvement in well costs in the DJ Basin. The Chemicals segment, OxyChem, exceeded guidance despite adverse Gulf weather, while the midstream segment capitalized on natural gas price opportunities. Additionally, the company is advancing its Direct Air Capture project, STRATOS, with a phased approach, expecting the first 250,000-ton capacity online by mid-2025. Debt reduction efforts saw a $4 billion repayment in the third quarter, with a commitment to a medium-term debt target of $15 billion.

Record Operating Cash Flow

Achieved the highest operating cash flow so far this year, with $1.5 billion in free cash flow before working capital, exceeding guidance in all 3 segments.

Oil & Gas Production Achievements

Exceeded the high end of production guidance, setting a new company record for the highest quarterly U.S. production in history, despite weather disruptions.

CrownRock Integration Success

Successfully integrated CrownRock assets, leading to a 9,000 BOE per day increase in the fourth quarter exit rate.

Debt Reduction Progress

Repaid $4 billion of debt, achieving 90% of near-term commitments within just 2 months of the CrownRock closing.

Direct Air Capture (DAC) Project Progress

Construction of STRATOS progressing smoothly with technological breakthroughs; expected to bring initial capacity online in mid-2025.

Chemical and Midstream Segment Performance

OxyChem modestly exceeded guidance, and midstream segment captured value through gas marketing optimization.

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Occidental Petroleum (OXY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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OXY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 08, 2018	2018 (Q2)	- / 1.10	0.15	633.33% (+0.95)	―	―
Nov 05, 2018	2018 (Q3)	- / 1.74	0.18	866.67% (+1.56)	―	―
Feb 12, 2019	2018 (Q4)	- / 1.22	0.41	197.56% (+0.81)	―	―
May 06, 2019	2019 (Q1)	- / 0.84	0.92	-8.70% (-0.08)	―	―
Jul 31, 2019	2019 (Q2)	- / 0.97	1.1	-11.82% (-0.13)	―	―
Nov 04, 2019	2019 (Q3)	- / 0.11	1.74	-93.68% (-1.63)	―	―
Feb 27, 2020	2019 (Q4)	- / -0.30	1.22	-124.59% (-1.52)	―	―
May 05, 2020	2020 (Q1)	- / -0.52	0.84	-161.90% (-1.36)	―	―
Aug 10, 2020	2020 (Q2)	- / -1.76	0.97	-281.44% (-2.73)	―	―
Nov 09, 2020	2020 (Q3)	- / -0.84	0.11	-863.64% (-0.95)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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OXY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$50.06	$50.89	+1.66%
Aug 07, 2024	$55.62	$58.02	+4.31%
May 07, 2024	$64.26	$62.89	-2.13%
Feb 14, 2024	$56.39	$59.15	+4.89%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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