Occidental Petroleum Corp. ( (OXY) ) has released its Q3 earnings. Here is a breakdown of the information Occidental Petroleum Corp. presented to its investors.
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Occidental Petroleum Corporation is a major international energy company involved in oil and gas exploration and production, with significant operations in the United States, the Middle East, and North Africa. The company also has a chemical manufacturing division and is a leader in carbon management initiatives.
Occidental Petroleum has reported its financial results for the third quarter of 2024, showcasing strong operational performance. The company achieved an operating cash flow of $3.8 billion and net income of $964 million. This quarter also saw Occidental exceeding its production guidance and making significant strides in debt reduction.
Key highlights from the report include a total production of 1,412 Mboed, surpassing guidance by 22 Mboed, driven by strong contributions from the Permian basin. The company reported a free cash flow of $1.5 billion before working capital adjustments. Occidental’s midstream and marketing segments also outperformed expectations with a pre-tax adjusted income exceeding guidance by $145 million.
In addition, Occidental’s chemical division, OxyChem, reported a pre-tax income of $304 million, exceeding expectations. The company also made progress in deleveraging, repaying $4.0 billion of debt and approaching its short-term debt reduction targets.
Looking forward, Occidental Petroleum is focused on continuing its strong operational performance, further integration of recent acquisitions, and maintaining its strategic focus on deleveraging and carbon management initiatives to ensure sustainable growth.
