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Why Occidental Petroleum Stock Is Falling

Published 09/11/2022, 15:34
Updated 09/11/2022, 16:40
© Reuters.  Why Occidental Petroleum Stock Is Falling
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Occidental Petroleum Corporation (NYSE: NYSE:OXY) shares are trading lower by 3.55% to $72.17 after the company reported worse-than-expected third-quarter EPS results.

What Happened?

Occidental Petroleum reported third-quarter EPS of $2.44, lower than the analyst consensus estimate of $2.46. Occidental Petroleum also reported inline third-quarter sales results of $9.5 billion.

As of September 30, 2022, Occidental had approximately $1.2 billion of cash and cash equivalents on hand. Occidental also has $562 million remaining of the $3.0 billion share repurchase program that was announced in February 2022. Occidental expects to use cash on hand and cash flow from operations to complete the program in the fourth quarter.

According to data from Benzinga Pro, OXY has a 52-week high of $77.13 and a 52-week low of $26.05.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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