Western petroleum (NYSE: OXY) -1.1% post-market Monday after reporting strong gains in Q4 earnings and earnings that nevertheless fell short of Wall Street expectations.
The company also announced a new $3 billion share repurchase program and a 38% quarterly dividend increase up to $0.18/share.
Occidental (OXY) said its fourth-quarter net profit rose to $1.7 billion, or $1.74/share, from $1.3 billion, or $1.58/share, in the year-ago quarter. but adjusted earnings per share of $1.61 were below analyst estimates.
Fourth-quarter revenue roughly doubled from $4.16 billion a year earlier to $8.22 billion, but analyst consensus came in at $8.38 billion; oil and gas revenues more than doubled to $6.3 billion from $2.98 billion in the same quarter a year ago, chemical sales increased 48% year over year to $1.47 billion from $988 million, and the midstream — and marketing sales increased 89% to $775 million from $410 million a year earlier.
The company said it sold its oil for an average of $83.64/barrel in Q4, up 11% year-over-year but ~12% lower than in Q3.
Occidental (OXY) forecast FY 2023 global production of 1.15 billion to 1.21 billion barrels/day and Q1 output of 1.16 billion to 1.2 billion barrels barrels/day, compared to 1.227 billion barrels barrels barrels/day in the fourth quarter.
The company expects capital expenditures between $5.4 billion and $6.2 billion for FY 2023.
Occidental Petroleum (OXY) shares are down 3% so far this year, but are up 35% over the past 12 months.
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