May 9, 2023 at 4:35 p.m. ET
By Paul Ziobro
Occidental Petroleum on Tuesday said first-quarter profit fell on lower energy prices and crude oil volumes.
The Houston-based oil-and-gas producer reported net income attributable to common stockholders of $983 million, or $1 a share, for the period ended March 31, compared with $4.68 billion, or $4.65 a share, in the same…
By Paul Ziobro
Occidental Petroleum on Tuesday said first-quarter profit fell on lower energy prices and crude oil volumes.
The Houston-based oil-and-gas producer reported net income attributable to common stockholders of $983 million, or $1 a share, for the period ended March 31, compared with $4.68 billion, or $4.65 a share, in the same period a year earlier. Adjusted for certain items, the company said per-share earnings was $1.09.
Analysts recently polled by FactSet expected per-share earnings of $1.24.
Sales fell 13.5% to $7.23 billion, short of analyst expectations for $7.46 billion.
Oil and gas sales fell to $5.3 billion from $6.1 billion last year due to lower prices worldwide for crude oil, natural gas liquids and domestic natural gas, as well as lower crude oil volumes.
Chief Executive Vicki Hollub said the company raised its full-year guidance for oil and gas production, as well as for pre-tax earnings for its chemical subsidiary OxyChem.
Write to Paul Ziobro at paul.ziobro@wsj.com
Read More: Occidental Petroleum 1Q Earnings Fall Amid Lower Energy Prices