Benzinga - Shares of Occidental Petroleum Corporation (NYSE: OXY) are trading lower in after-hours trading Tuesday after the company issued its first-quarter earnings report. Here’s what investors need to know.
By The Numbers: Occidental reported earnings of $1.09 per share, against the $1.24 estimates, on revenues of $7.26 billion, against the $7.37 billion estimates.
The Warren Buffett-loved company ended the quarter with $1.165 billion in cash and cash equivalents.
"In the first quarter of 2023, our shareholder return framework reached a significant milestone as we began redeeming the preferred equity, further advancing the transfer of enterprise value to our common shareholders," Occidental CEO Vicki Hollub said in a statement.
The company said that it has repurchased $647 million worth of preferred equity from Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B), which had invested $10 billion in preferred stock in the oil company four years ago when it was in the process of acquiring Anadarko Petroleum.
Occidental said its strong operational performance drove cash flow from operations of $2.9 billion and cash flow from operations before working capital of $3.2 billion.
OXY Price Action: Shares of Occidental Petroleum are trading 1.63% lower to $58, according to data from Benzinga Pro.
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