Stock Monitor: Abraxas Petroleum Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 20, 2018 / Active-Investors.com has just released a free earnings report on Occidental Petroleum Corp. (NYSE: OXY) ('Occidental'). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=OXY. The Company posted its financial results on February 13, 2018, for the fourth quarter of the fiscal year 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Company posted a y-o-y growth in its quarterly revenues, beating market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
www.active-investors.com/registration-sg
Active-Investors.com is currently working on the research report for Abraxas Petroleum Corporation (NASDAQ: AXAS), which also belongs to the Basic Materials sector as the Company Occidental Petroleum. Do not miss out and become a member today for free to access this upcoming report at:
www.active-investors.com/registration-sg/'symbol=AXAS
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Occidental Petroleum most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=OXY
Earnings Highlights and Summary
During Q4 FY17, Occidental's revenues improved to $3.49 billion from $2.79 billion in Q4 FY16. The Company's revenue numbers for the reported quarter topped market expectations of $3.50 billion.
The oil and gas Company reported a net income of $497 million, or $0.65 per diluted share, in Q4 FY17 compared to a net loss of $272 million, or $0.36 loss per diluted share, in Q4 FY16. The Company's core income was $313 million, or $0.41 per diluted share, in the reported quarter versus a core loss of $97 million, or $0.13 loss per diluted share, in the prior year's same quarter. Meanwhile, Wall Street had forecasted the Company to report a core income of $0.40 per share for Q4 FY17.
The Houston, Texas-based Company reported revenues of $12.51 billion in FY17, up from $10.09 billion in FY16. The Company's net income came in at $1.31 billion, or $1.70 per diluted share, in FY17 compared to a net loss of $574 million, or $0.75 loss per diluted share, in FY16. Furthermore, the Company posted a core income of $686 million, or $0.89 per diluted share, in FY17 versus a core loss of $771 million, or $1.01 loss per diluted share, in FY16.
Operating Metrics
Occidental's cost of sales came in flat at $1.33 billion in the reported quarter. The Company's selling, general, and administrative, and other operating expenses stood at $448 million in Q4 FY17 versus $404 million in the last year's comparable quarter. The Company's total costs and other deductions were $3.60 billion in Q4 FY17 compared to $3.47 billion in Q4 FY16. Furthermore, the Company reported a loss before income taxes and other items of $14 million in Q4 FY17 compare to a loss before income taxes and other items of $640 million in Q4 FY16.
Segment Performance
Oil and Gas - In Q4 FY17, Occidental's Oil and Gas segment's worldwide total average daily production volume increased to 621 thousand barrels of oil equivalent per day (MBOE/D) from 607 MBOE/D in the year ago corresponding quarter. Meanwhile, the Company reported a worldwide total average daily sales volume of 624 MBOE/D in Q4 FY17 compared to 607 MBOE/D in Q4 FY16.
The segment reported net sales of $2.26 billion in Q4 FY17, up from $1.82 billion in Q4 FY16. The segment's pre-tax income was $44 million in Q4 FY17 versus $17 million in Q4 FY16.
Chemical - During Q4 FY17, Occidental's Chemical segment had net sales of $1.06 billion, which came in above $970 million in Q4 FY16. The segment's pre-tax income stood at $222 million in Q4 FY17, rising from $152 million in the year ago same quarter.
Midstream and Marketing - For the reported quarter, Occidental's Midstream and Marketing segment reported net sales of $410 million versus $208 million in Q4 FY16. The segment's pre-tax income was $9 million in Q4 FY17 compared to a pre-tax loss of $48 million in Q4 FY16.
Cash Matters and Balance Sheet
For the quarter ended December 31, 2017, Occidental generated $1.42 billion in cash from continuing operations versus $921 million in the prior year's comparable quarter. The Company's cash and cash equivalents balance stood at $1.67 billion as on December 31, 2017, compared to $2.23 billion at the close of books as on December 31, 2016. The Company's net long-term debt was $9.33 billion as on December 31, 2017, compared to $9.82 billion as on December 31, 2016.
Dividend
In a separate press release on February 08, 2018, Occidental's Board of Directors declared a regular quarterly dividend of $0.77 per share on common stock, payable on April 16, 2018, to stockholders of record as of March 09, 2018. Furthermore, the Company has paid quarterly dividends continuously since 1975 and has increased its dividend each year since 2002.
Stock Performance Snapshot
March 19, 2018 - At Monday's closing bell, Occidental Petroleum's stock declined 1.24%, ending the trading session at $63.65.
Volume traded for the day: 4.64 million shares, which was above the 3-month average volume of 4.56 million shares.
Stock performance in the previous six-month period - up 3.75%
After yesterday's close, Occidental Petroleum's market cap was at $48.74 billion.
Price to Earnings (P/E) ratio was at 37.62.
The stock has a dividend yield of 4.84%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
Active-Investors:
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the 'Author') and is fact checked and reviewed by a third-party research service company (the 'Reviewer') represented by a credentialed financial analyst. For further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the 'Sponsor'), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
NO WARRANTY
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
CONTACT
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Email: info@active-investors.com
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.
SOURCE: Active-Investors
