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Occidental Petroleum | 8-K: First Quarter 2024 Earnings Considerations

SEC announcement · Apr 10 07:32

OXY +0.98%

Summary by Moomoo AI

On April 10, 2024, Occidental Petroleum Corporation reported in a Form 8-K filing with the SEC that it expects certain factors to impact its first quarter results for 2024. Despite a third-party outage in the eastern Gulf of Mexico, the company maintained production within its guidance range. Occidental had temporarily halted operations in the Gulf on November 16, 2023, due to a request from the Main Pass Oil Gathering system operator. The company is now awaiting final regulatory approvals to restart production. The report provided estimates for the first quarter, including Gulf of Mexico oil and gas sales volumes at 90 Mboed, domestic operating costs at $10.31 per boe, and an adjusted total effective tax rate between 28-30%. The average diluted shares outstanding were 948.6 million. Occidental also reported average realized prices for oil, NGL, and natural gas, with worldwide oil at $76.04 per barrel, NGL at $22.14 per barrel, and natural gas at $1.68 per Mcf. The report included forward-looking statements and a caution that actual results may differ materially from estimates due to various factors such as economic conditions, commodity pricing fluctuations, and operational risks.

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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