Occidental posts $3.35B Q1 profit; $1.06 EPS beats estimates
OXY•Occidental Petroleum posted Q1 net profit of $3.35 billion and adjusted EPS of $1.06, topping analyst forecasts of $0.65. Revenue fell short at $5.11 billion versus projections of $5.5 billion, even as WTI crude held near $100 per barrel.
1. Q1 Financial Results
Occidental Petroleum reported a net profit of $3.35 billion for the first quarter, driven by realized oil prices and operational efficiency. Adjusted earnings per share came in at $1.06, significantly above the consensus estimate of $0.65, while revenue reached $5.11 billion, missing forecasts by $390 million.
2. Oil Price Environment and Upstream Focus
WTI crude traded near $100 per barrel during the quarter, bolstering cash flows for Occidental’s exploration and production segments. The company’s upstream-oriented portfolio contributed to margin expansion, though lower-than-expected production volumes and cost factors weighed on overall revenue performance.
