Occidental Petroleum Corp. (OXY) has released its third-quarter earnings report, revealing a decrease compared to the same period last year, although they surpassed Wall Street expectations.
The company announced earnings of $964 million, or $0.98 per share, down from $1.16 billion, or $1.20 per share, in the previous year's third quarter.
On an adjusted basis, excluding special items, Occidental Petroleum reported earnings of $977 million, equating to $1.00 per share for the quarter.
This performance exceeded analysts' predictions, which, according to Thomson Reuters, anticipated earnings of $0.74 per share, typically excluding exceptional items.
Additionally, quarterly revenue experienced a slight increase of 0.2%, reaching $7.173 billion compared to last year's $7.158 billion.
Highlights of Occidental Petroleum Corp.'s third-quarter performance (GAAP):
- Earnings: $964 million compared to $1.16 billion last year.
- Earnings per Share (EPS): $0.98 compared to $1.20 last year.
- Revenue: $7.173 billion compared to $7.158 billion last year.
