OCCIDENTAL PETROLEUM Reports Second Quarter FY2023 Financial Results for June 30 2023
August 9, 2023
🌥️Earnings Overview
On August 2 2023, Occidental Petroleum ($NYSE:OXY) reported its financial results for the second quarter of FY2023, ending June 30 2023. Total revenue for the period was USD 6.7 billion, a decrease of 37.3% compared to the same quarter in FY2022.
Market Price
The company’s stock opened the session at $62.0 and closed at $61.5, representing a decrease of 1.9% from the previous day’s closing price of $62.6. This marks a decrease of 4% from the same quarter in the prior fiscal year, however, total revenue still increased by 1%. The company aims to fuel further growth and capitalize on opportunities across the oil and gas industry by focusing on cost structure optimization, increasing production, and creating value through divestments of its non-core assets. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Occidental Petroleum. More…
| Total Revenues | Net Income | Net Margin |
| 31.54k | 5.83k | 21.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Occidental Petroleum. More…
| Operations | Investing | Financing |
| 14.18k | -6.45k | -8.6k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Occidental Petroleum. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 71.2k | 42.09k | 32.91 |
Key Ratios Snapshot
Some of the financial key ratios for Occidental Petroleum are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 13.6% | 156.8% | 32.1% |
| FCF Margin | ROE | ROA |
| 27.4% | 21.6% | 8.9% |
Analysis
GoodWhale recently conducted a wellbeing analysis of OCCIDENTAL PETROLEUM and found that it is a medium risk investment in terms of financial and business aspects. Our Risk Rating system determined that the company is generally in a good position, though there may be areas of improvement to consider. We also identified two risk warnings in their income sheet and balance sheet. If you are considering an investment in OCCIDENTAL PETROLEUM, we recommend taking a closer look at these warnings. To access the full report and dive further into the details, sign up with GoodWhale.com today. Our platform provides detailed analysis and insights into the current state of OCCIDENTAL PETROLEUM so you can make an informed decision about whether or not to invest. More…
Peers
Occidental Petroleum Corp’s main competitors are ConocoPhillips, Laredo Petroleum Inc, Murphy Oil Corp. All four companies are engaged in the exploration, production, and development of oil and gas properties. Occidental Petroleum Corp has a market capitalization of $53.74 billion, while ConocoPhillips has a market capitalization of $73.51 billion. Laredo Petroleum Inc has a market capitalization of $4.21 billion, and Murphy Oil Corp has a market capitalization of $10.21 billion.
– ConocoPhillips ($NYSE:COP)
ConocoPhillips is an American multinational energy corporation with operations in 17 countries. Headquartered in Houston, Texas, the company is engaged in the exploration, production, marketing, and transportation of crude oil and natural gas. As of December 31, 2019, ConocoPhillips had proved reserves of 8.4 billion barrels of oil equivalent. The company’s ROE for 2019 was 30.9%.
– Laredo Petroleum Inc ($NYSE:LPI)
Laredo Petroleum Inc is an independent oil and gas company with operations in the Permian Basin of West Texas. The company has a market capitalization of $1.03 billion as of 2022 and a return on equity of 75.14%. Laredo Petroleum is engaged in the exploration, development, and production of oil and gas properties. The company’s operations are primarily focused in the Permian Basin, which is one of the most active and prolific oil and gas producing regions in the United States. Laredo Petroleum has a diversified portfolio of properties and holds interests in approximately 1.6 million acres in the Permian Basin. The company’s production is currently focused on the Wolfcamp and Bone Spring plays in the Permian Basin.
– Murphy Oil Corp ($NYSE:MUR)
Murphy Oil Corporation is an American oil and gas company headquartered in Houston, Texas. The company was founded in 1950 and is engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and natural gas liquids. Murphy Oil Corporation has operations in the United States, Canada, Malaysia, and the United Kingdom.
Murphy Oil Corporation has a market cap of $7.03 billion as of March 2022 and a return on equity of 15.81%. The company is engaged in the exploration, production, transportation, and sale of crude oil, natural gas, and natural gas liquids. Murphy Oil Corporation has operations in the United States, Canada, Malaysia, and the United Kingdom.
Summary
Investors should be cautious when considering Occidental Petroleum as an investment option. The company reported a 37.3% decrease in total revenue compared to the same period last year, and a 77.1% decrease in net income. This signals that the company’s business performance is struggling, and could be a sign of further declines in the near future. Investors should thoroughly research the company’s financial statements and other business operations to make an informed decision about investing in Occidental Petroleum.
Related Posts
Recent Posts
