Occidental Petroleum (OXY) Reports In-Line Q1 EPS

Occidental Petroleum (NYSE: OXY) reported Q1 EPS of $0.04, in-line with the analyst estimate of $0.04.

“Our first quarter production was 645,000 BOE per day, an increase of 13 percent on a year-over-year basis or 72,000 BOE per day,” said Stephen I. Chazen, President and Chief Executive Officer. “The increase was led by Permian Resources which delivered a 46-percent increase to 98,000 BOE per day, of which oil production grew by 25,000 barrels a day. Based on our first quarter results and a more optimistic outlook for the remainder of the year, we are raising our guidance for 2015 average production to grow between 60,000 and 80,000 BOE per day compared to the 2014 rate of 591,000 BOE per day. This is 20,000 BOE per day higher than our previous outlook. We expect to be cash flow neutral for operating cash flow after capital expenditures and dividend outlays by the fourth quarter of this year at oil prices of roughly $60 a barrel. This is driven by expected improvements in cost efficiencies and continued production growth.”

For earnings history and earnings-related data on Occidental Petroleum (OXY) click here.

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