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Occidental Petroleum | 8-K: Occidental Announces 4th Quarter 2023 Results

SEC announcement ·  Feb 14 16:25
Summary by Moomoo AI
On February 14, 2024, Occidental Petroleum Corporation released its financial results for the fourth quarter of 2023. The company reported strong operational performance with operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion. Capital spending amounted to $1,544 million, and contributions from noncontrolling interest were $98 million, resulting in a quarterly free cash flow before working capital of $1.1 billion. Total company production exceeded guidance by 8 Mboed despite a third-party outage in the eastern Gulf of Mexico. OxyChem, the company's chemical subsidiary, reported pre-tax income of $250 million, surpassing guidance. Occidental announced a 22% increase in its quarterly dividend to $0.22 per share and the acquisition of CrownRock, enhancing its U.S. onshore portfolio with assets in the Permian Basin...Show More
On February 14, 2024, Occidental Petroleum Corporation released its financial results for the fourth quarter of 2023. The company reported strong operational performance with operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion. Capital spending amounted to $1,544 million, and contributions from noncontrolling interest were $98 million, resulting in a quarterly free cash flow before working capital of $1.1 billion. Total company production exceeded guidance by 8 Mboed despite a third-party outage in the eastern Gulf of Mexico. OxyChem, the company's chemical subsidiary, reported pre-tax income of $250 million, surpassing guidance. Occidental announced a 22% increase in its quarterly dividend to $0.22 per share and the acquisition of CrownRock, enhancing its U.S. onshore portfolio with assets in the Permian Basin. Additionally, the company closed the acquisition of Carbon Engineering, which is expected to enable cost and capital efficiencies and foster broader partnerships for Direct Air Capture deployment. The company's net income attributable to common stockholders for the quarter was $1.0 billion, or $1.08 per diluted share, with adjusted income at $710 million, or $0.74 per diluted share. Occidental's worldwide year-end proved reserves reached 4.0 billion BOE with a reserves replacement of 137%. The report also detailed the company's oil and gas segment performance, reserves, and capital expenditures.

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