uploads///OXY Q Post Revenues

Occidental Petroleum Reported Higher Revenues in 4Q17

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Feb. 15 2018, Updated 2:55 p.m. ET

Occidental Petroleum’s 4Q17 revenues

For 4Q17, Occidental Petroleum (OXY) reported revenues of ~$3.6 billion—higher than analysts’ consensus of ~$3.5 billion. For 4Q17, Occidental Petroleum’s oil and gas business reported sales of ~$2.3 billion. So, ~64% of Occidental Petroleum’s revenues came from oil and gas production sales. Apart from upstream revenues, Occidental Petroleum’s chemical business contributed ~$1.1 billion to the company’s 4Q17 revenues. The midstream and marketing business contributed ~$410 million to Occidental Petroleum’s 4Q17 revenues. Occidental Petroleum also reported eliminations totaling -$241 million.

Sequentially, Occidental Petroleum’s 4Q17 revenues are ~15% higher compared to its 3Q17 revenues of ~$3.1 billion. On a year-over-year basis, Occidental Petroleum’s 4Q17 revenues are 27% higher compared to its 4Q16 revenues of ~$2.8 billion.

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Why Occidental Petroleum’s revenues increased

The YoY increase in Occidental Petroleum’s 4Q17 production combined with higher realized prices for crude oil (USO), natural gas liquids, and natural gas, had a positive impact on Occidental Petroleum’s revenues. Occidental Petroleum reported a 19% higher worldwide crude oil (USO) realized price of $53.67 per barrel in 4Q17 from $45.08 per barrel in 4Q16. Next, we’ll discuss Occidental Petroleum’s production.

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