Occidental Petroleum Raises Dividend 8%, Shares Surge 9.4%
Occidental raised its quarterly dividend by 8% to $0.26 per share, triggering a 9.38% share price surge to $51.53. Fourth-quarter net loss narrowed 77% to $68 million on $655 million in oil and gas sales; full-year net income fell 30.6% to $1.65 billion on $4.59 billion in sales.
1. Dividend Hike and Share Reaction
Occidental announced an 8% increase in its quarterly dividend to $0.26 per share, double the payment from four years ago. The move sparked a 9.38% jump in the share price to $51.53, with a record date of March 10 and payment date of April 15.
2. Fourth-Quarter Financial Performance
In Q4, net loss attributable to shareholders narrowed 77% year-over-year to $68 million versus $297 million, as oil and gas sales declined 44% to $655 million from $1.17 billion. Production outperformed guidance, helping to limit the loss despite lower commodity prices.
3. Full-Year Results
For the full year, net income attributable to shareholders fell 30.6% to $1.65 billion from $2.38 billion, and total oil and gas sales dropped 11.7% to $4.59 billion from $5.2 billion, reflecting muted upstream volumes and pricing pressures.
4. Senior Notes Tender Offer
Occidental launched a tender offer for five series of senior notes due 2029 to 2036 totaling $700 million. Only about $58 million of the zero-coupon 2036 notes were accepted, indicating selective participation by bondholders.