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Occidental Petroleum’s 4Q15 Earnings Missed Estimates

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Occidental Petroleum’s 4Q15 earnings miss estimates

Occidental Petroleum (OXY) announced its 4Q15 earnings on February 4, 2016. OXY reported an adjusted loss of $0.17 per share, $0.04 worse than Wall Street analysts’ consensus for a loss of $0.13 per share.

Occidental Petroleum’s 4Q15 earnings are lower by $0.89 per share, when compared with its 4Q14 profit of $0.72 per share. Even when compared sequentially with 3Q15, OXY’s 4Q15 earnings are lower by $0.20 per share.

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Occidental Petroleum’s 4Q15 revenues missed estimates

For 4Q15, Occidental Petroleum (OXY) reported adjusted revenues of ~$2.84 billion, ~5% worse than Wall Street analysts’ consensus for revenues of ~$2.98 billion. OXY’s 4Q15 revenues are lower by ~34% when compared with its 4Q14 revenues of ~$4.31 billion. Even when compared sequentially with 3Q15, OXY’s 4Q15 revenues are lower by ~9%.

OXY’s earnings trend

As seen in the above chart, Occidental Petroleum reported much lower earnings in 2015 due to lower realized crude oil and natural gas prices. In 4Q15, OXY’s adjusted earnings turned negative for the first time since 2009. Since 1Q13, OXY has beaten the earnings expectations about 58% of the time.

Due to the steep downward trend in energy prices, S&P 500 (SPY) upstream companies Murphy Oil (MUR), EQT Corporation (EQT), and Consol Energy (CNX) reported respective ~53%, ~25%, and ~18% year-over-year declines in their 4Q15 revenues.

Occidental Petroleum’s 2015 earnings and revenues missed estimates

For 2015, Occidental Petroleum reported an adjusted profit of $0.12 per share, $0.05 worse than Wall Street analysts’ consensus for a profit of $0.17 per share. OXY’s 2015 earnings are lower by $4.71 per share when compared with its 2014 profit of $4.83 per share.

For 2015, OXY reported adjusted revenues of ~$12.7 billion, ~0.4% lower than Wall Street analysts’ consensus for revenues of ~$12.74 billion. OXY’s 2015 revenues are lower by ~34% when compared with its 2014 revenues of ~$19.31 billion.

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