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Occidental Petroleum -2.5% as Q2 production outlook disappoints

Published 05/04/2017, 12:37 PM
© Reuters.  Occidental Petroleum -2.5% as Q2 production outlook disappoints
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  • Occidental Petroleum (OXY -2.5%) is lower despite beating Q1 earnings expectations, as its outlook for Q2 production is well below analyst estimates.
  • OXY says its global Q1 production fell 11% Y/Y to 584K boe/day from 657K boe/day and slightly below the 586K analyst consensus estimate; outlook in the Permian Basin, the focus of OXY's oil and gas operations - rose ~1% to 129K boe/day.
  • OXY expects to produce 580K-595K boe/day in Q2, short of analyst expectations of 633K.
  • Q1 revenues rose 30% Y/Y to $2.98B as realized oil prices averaged $49.04/bbl from $29.42 in the year-ago quarter.
  • Energy companies are broadly lower today as crude oil prices extend declines to YTD lows.
  • Now read: Occidental Petroleum Corporation 2017 Q1 - Results - Earnings Call Slides


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