Occidental Petroleum Stock In Focus After Upbeat Q3 Earnings: Retail Stays Confident

Warren Buffett’s favorite energy stock Occidental Petroleum ($OXY) is in the spotlight after the firm reported upbeat third-quarter earnings.

Total revenue came in marginally higher on a year-over-year basis at $7.17 billion during the third quarter compared to a Wall Street estimate of $7.12 billion. Earnings per share came in at $1, beating an analyst estimate of $0.74.

CEO Vicki Hollub said strong operational performance across all segments has resulted in the company registering its highest quarterly operating cash flow this year.

"The integration of CrownRock is off to a great start in terms of personnel and operations, and we have made significant progress in our deleveraging efforts, achieving nearly 90% of our short-term debt reduction target,” he said.

The firm repaid $4 billion of debt, achieving nearly 90% of its short-term debt reduction target.

Occidental said that during the quarter, total average global production of 1,412 thousand barrels of oil equivalent per day (Mboed) exceeded the midpoint of guidance by 22 Mboed. This was led by Permian, which exceeded the mid-point of production guidance by 30 Mboed with average production of 729 Mboed.

Oil and gas pre-tax income stood at $1.2 billion, compared to $1.6 billion for the second quarter of 2024. Average WTI and Brent marker prices were $75.09 per barrel and $78.41 per barrel, respectively while average worldwide realized crude oil prices decreased by 6% from the prior quarter to $75.33 per barrel, it said.

Meanwhile, OxyChem earned pre-tax income of $304 million for the third quarter, which was modestly above guidance. Midstream and marketing pre-tax results reflected income of $631 million.

Following the earnings report, shares of Occidental Petroleum were trading lower by over 1.5% on Wednesday noon. Retail sentiment on Stocktwits continued to trend in the ‘bullish’ territory (67/100), accompanied by ‘extremely high’ retail chatter.

Stocktwits users following the ticker mostly expressed bullish takes on the stock post the earnings.

Also See: October Inflation Inches Higher But Stays In Line With Expectations: Fed’s Kashkari Says CPI Heading In Right Direction

For updates and corrections email newsroom@stocktwits.com