OCCIDENTAL PETROLEUM Sees 32% Profit Drop in Q2 Amid Lower USA Prices, Output
August 5, 2023
🌧️Trending News
Occidental Petroleum ($NYSE:OXY) Corp. is a leading oil and gas exploration and production company based in Houston, Texas. This decrease was largely due to lower prices and production in the United States. Crude oil prices in the United States were significantly lower in the second quarter of 2020 compared to the previous quarter, causing a decrease in Occidental’s revenues.
In addition, production in the United States was lower than expected due to economic uncertainties caused by the coronavirus pandemic. This further decreased Occidental’s overall profits. Despite these setbacks, Occidental Petroleum Corp. is still confident that it can continue to generate returns for its shareholders in the future.
Analysis
GoodWhale is the perfect platform to analyze the financials of OCCIDENTAL PETROLEUM. We recently conducted an analysis of the company’s financials and found that it has been given a medium risk rating in terms of both business and financial aspects. Our Risk Rating is based on rigorous methods of analysis and research, so you can trust that you are getting a reliable assessment of the company’s financial health. What’s more, we have detected 2 risk warnings in the income sheet and balance sheet of OCCIDENTAL PETROLEUM. If you become a registered user, you will be able to see these risk warnings as well as our detailed analysis of the company’s financials. This is a great way to gain a better understanding of OCCIDENTAL PETROLEUM and its financials. So don’t hesitate to get started! More…
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% |
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
OCCIDENTAL PETROLEUM reported an income of $860 million in the second quarter of the year, a 32% decrease from the prior quarter. This drop is primarily attributed to lower prices and output in the US. Investors should take this into account when researching the company and making decisions about buying or selling OCCIDENTAL PETROLEUM stock. Additionally, they should pay close attention to the company’s financial and operating updates to gain a clearer picture of the company’s performance.
