Occidental Petroleum Corporation (OXY) is an integrated oil and gas company. This Houston, TX-based firm operates in the U.S. and several international territories with considerable exposure in exploration and production activities. Occidental Petroleum invests substantially primarily in the Permian Basin and the Middle East besides pursuing a systematic asset divestment strategy. These initiatives will enable the company to expand its reserves and utilize the proceeds in profitable ventures. In addition, the company’s present focus on the midstream operations will allow it to diversify its revenue stream, going forward. However, Occidental Petroleum is currently operating in a volatile commodity price environment. The oil supply glut, which resulted from higher production in the U.S., continues to drag down global oil prices. If this situation persists, the company’s future performance is expected to impact negatively. Estimate Trend & Surprise History Investors should note that the second quarter Zacks Consensus Estimate for earnings of 21 cents per share has remained the same over the last 90 days. Coming to the earnings surprise, Occidental Petroleum has surpassed the Zacks Consensus Estimate in three of the last four quarters, resulting in a positive average surprise of 25.70%. Zacks Rank: Currently, Occidental Petroleum has a Zacks Rank#3 (Hold) but that could change following its second quarter 2015 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below: Earnings: Occidental Petroleum met on earnings. Our consensus called for second-quarter EPS of 21 cents, and the company reported EPS of 21 cents. Revenue: Occidental Petroleum lagged the revenue estimates in the second quarter. The company posted revenues of $3,469 million in the second quarter, compared to our consensus estimate of $3,899 million. Key Stats: Average daily oil and gas production volumes in the second quarter were 658 thousand barrels of oil equivalents (MBoe), up 13.4% from the prior-year level. The company registered a 13.5% year-over-year improvement in average daily sales volumes to 657 thousand boe. Stock Price: It would be interesting to see how the market reacts to the earnings results during the trading session today. Check back for our full write up on this OXY earnings report later! Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report OCCIDENTAL PET (OXY): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research
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