HOUSTON—Occidental Petroleum Corp (NYSE:OXY) today disclosed factors that are expected to influence its financial and operational results for the second quarter of 2024. The details were shared in a Current Report on Form 8-K filed with the Securities and Exchange Commission.
The company, headquartered in Houston, Texas, is a prominent player in the crude petroleum and natural gas sector with its common stock and warrants to purchase common stock listed on the New York Stock Exchange under the symbols OXY and OXY WS, respectively.
In the report, Occidental Petroleum provided a summary of the Earnings Considerations without specifying detailed financial figures. The document is intended to offer shareholders and investors a glimpse into the company's performance before the official earnings release. The Earnings Considerations have been furnished as Exhibit 99.1 in the report and include information that management believes will impact the quarter's results.
It is important to note that the information in the report and the accompanying exhibit is not to be considered as "filed" under the Securities Exchange Act of 1934 and is not to be incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act, unless explicitly stated in such filings.
The filing was authorized and signed by Christopher O. Champion, Vice President, Chief Accounting Officer and Controller of Occidental Petroleum Corporation (NYSE:OXY), underscoring the company's commitment to transparency and regulatory compliance.
This summary is based on the statements provided in the press release by Occidental Petroleum and does not include any speculative or forward-looking statements. The full impact of the disclosed factors on Occidental's second-quarter performance will be understood upon the release of the complete financial results.
In other recent news, Berkshire Hathaway (NYSE:BRKa), under the leadership of Warren Buffett, has expanded its stake in Occidental Petroleum, acquiring nearly 29% of the oil company. This comes after the purchase of an additional 2.95 million shares, costing the conglomerate around $176 million.
Berkshire Hathaway now holds approximately 255.3 million shares of Occidental Petroleum, valued at about $15.37 billion. Additionally, the firm possesses warrants that could potentially increase its influence in Occidental Petroleum if exercised.
Roth/MKM has maintained a neutral stance on Occidental Petroleum, setting a $70.00 price target. The firm's position is influenced by several factors including Occidental's relatively higher debt, lower projected long-term production growth, and investments in direct air capture (DAC) carbon capture projects that may not yield short-term profits.
Truist Securities has downgraded Occidental Petroleum from Buy to Hold due to less anticipated benefits from its CrownRock acquisition compared to other recent industry deals.
Occidental Petroleum exceeded Q1 expectations with record production and significant cost reductions. The company also plans to improve cash flow by over $1 billion and is focused on strengthening its balance sheet.
The company was also mentioned during former President Donald Trump's fundraising tour in Texas, where he amassed significant support from the energy sector. These are the latest developments in the company's ongoing operations.
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