Credit Suisse (NYSE:CS) lowered its rating on Occidental Petroleum (NYSE:OXY) from "Outperform" to "Neutral," as the company has enjoyed a 29 percent increase in net profit in its latest quarter.
Production soared in the quarter, which in addition to the higher price of oil, increased earnings per share to $1.47, handily beatings analysts' estimates of close to $1.35 a share.
Some analysts believe Occidental will be able to keep up their torrid pace.
The majority of growth for the quarter was in the Middle East/north Africa.
Occidently pulled back to $80.97 on Wednesday, losing $0.23, or 0.28 percent. Credit Suisse lowered their price target from $92 to $89 on them.
Showing posts with label Occidental Petroleum. Show all posts
Showing posts with label Occidental Petroleum. Show all posts
Thursday, October 21, 2010
Wednesday, October 13, 2010
Catalysts for EOG Resources (NYSE:EOG), Anadarko (NYSE:APC), Apache (NYSE:APA) and EnCana (NYSE:ECA)
Potential near-term catalysts in the large cap oil & gas sector concerning results from Anadarko Petroleum's (NYSE:APC), Newfield Exploration (NYSE:NFX), Occidental Petroleum (NYSE:OXY), EnCana (NYSE:ECA), Newfield Exploration (NYSE:NFX), Range Resources (NYSE:RRC), Apache (NYSE:APA) and EOG Resources (NYSE:EOG) have been released by Barclays (NYSE:BCS).
Barclays said, "The Barclays Capital E&P Potential Catalyst Watch highlights potential market-moving events for companies we cover and addresses laterals across the sector. The E&P Potential Catalyst Watch is available on Barclays Capital Live under Tom Driscoll's bookshelf."
Notable potential catalysts: (1) Results from Anadarko Petroleum's exploration wells in Brazil and Mozambique, (2) Results form Newfield Exploration appraisal wells in the Maverick Basin (Eagleford shale) along with 3Q results, (3) 3Q Earnings reports next week: Occidental Petroleum, EnCana, Newfield Exploration, Range Resources ...We recommend oil-oriented Apache and MEG, as well as EOG Resources (our top pick) with its focus on liquids assets and attractive valuation."
Barclays said, "The Barclays Capital E&P Potential Catalyst Watch highlights potential market-moving events for companies we cover and addresses laterals across the sector. The E&P Potential Catalyst Watch is available on Barclays Capital Live under Tom Driscoll's bookshelf."
Notable potential catalysts: (1) Results from Anadarko Petroleum's exploration wells in Brazil and Mozambique, (2) Results form Newfield Exploration appraisal wells in the Maverick Basin (Eagleford shale) along with 3Q results, (3) 3Q Earnings reports next week: Occidental Petroleum, EnCana, Newfield Exploration, Range Resources ...We recommend oil-oriented Apache and MEG, as well as EOG Resources (our top pick) with its focus on liquids assets and attractive valuation."
Tuesday, September 7, 2010
BP (NYSE:BP) Raises Assets Sale Target to $40 Billion
With mounting liabilities, BP (NYSE:BP) has reportedly increased its asset sale target from about $30 billion to $40 billion, according to The Sunday Times newspaper.
There is a double-edge sword to the selling of assets by BP, as while they are raising capital to take care of immediate liabilities, they are losing production, which ultimately leads to loss of revenue and profits.
Estimates are after assets sales production will decrease by close to 8 percent. It's uncertain how much that'll increase with an additional $10 billion in asset sales added to the final amount, although if they're similar to estimates based on $30 billion, they could be as high a $11 to $12 billion in lost production, depending on the assets sold.
Although the former talks with Apache over the 26 percent stake BP has in the Prudhoe Bay oil field in Alaska, fell apart, reports are Apache (NYSE:APA)is back in talks again with BP about acquiring at least a portion of the asset, while Occidental Petroleum (NYSE:OXY) has also been named as a potential suitor.
There is a double-edge sword to the selling of assets by BP, as while they are raising capital to take care of immediate liabilities, they are losing production, which ultimately leads to loss of revenue and profits.
Estimates are after assets sales production will decrease by close to 8 percent. It's uncertain how much that'll increase with an additional $10 billion in asset sales added to the final amount, although if they're similar to estimates based on $30 billion, they could be as high a $11 to $12 billion in lost production, depending on the assets sold.
Although the former talks with Apache over the 26 percent stake BP has in the Prudhoe Bay oil field in Alaska, fell apart, reports are Apache (NYSE:APA)is back in talks again with BP about acquiring at least a portion of the asset, while Occidental Petroleum (NYSE:OXY) has also been named as a potential suitor.
Wednesday, September 1, 2010
Occidental Petroleum (NYSE:OXY) CEO Irani Reportedly Resigning
A report from the Wall Street Journal Wednesday asserted embattled Occidental Petroleum Corp. (NYSE:OXY) CEO Ray Irani will probably announce he is going to retire at an October meeting of the board.
Irani is among one of the highest paid CEOs in the world, in 2009 making $52.2 million, and over the last 10 years making $857 million.
Shareholders have been putting pressure on Irani and Occidental over the extraordinarily high pay.
Even though the announcement of retirement will probably happen in October, the actual date of retirement isn't expected until some time in 2011, for the 75-year-old executive.
But that doesn't mean Irani is leaving the company, he will reportedly stay on as the chairman for several more years.
Several months ago shareholders said they rejected the pay policy of the company, which pressured the company to say they'll bring it under review to see what needed to be changed.
I wonder how much Irani will get for being chairman?
Irani is among one of the highest paid CEOs in the world, in 2009 making $52.2 million, and over the last 10 years making $857 million.
Shareholders have been putting pressure on Irani and Occidental over the extraordinarily high pay.
Even though the announcement of retirement will probably happen in October, the actual date of retirement isn't expected until some time in 2011, for the 75-year-old executive.
But that doesn't mean Irani is leaving the company, he will reportedly stay on as the chairman for several more years.
Several months ago shareholders said they rejected the pay policy of the company, which pressured the company to say they'll bring it under review to see what needed to be changed.
I wonder how much Irani will get for being chairman?
Tuesday, July 27, 2010
Occidental Petroleum (NYSE:OXY) Misses Earnings and Production Numbers
Although Occidental Petroleum (NYSE:OXY) had a decent quarter, with earnings rising to $1.1 billion, or $1.31 a share, gaining 56 percent over the $682 million, or 84 cents a share last year in the same quarter, they fell short of analysts' expectations by 4 cents a share.
What troubled investors and analysts more was missing the production numbers, which were expected to average 750,000 barrels a day, but which came in at 743,000 barrels a day.
The reason behind the weaker-than-expected performance was the payout to partners when prices increase beyond a certain level, which Occidental said cut production by 29,000 barrels a day.
Revenue for the second quarter did shoot up some, rising to $4.76 billion, or 29 percent.
The worst performing units of the company were the one housing Phibro, which the company acquired from Citigroup (NYSE:C). That unit lost $13 million or 79 percent, while the chemicals business earnings dropped 6.1 percent to $108 million.
What troubled investors and analysts more was missing the production numbers, which were expected to average 750,000 barrels a day, but which came in at 743,000 barrels a day.
The reason behind the weaker-than-expected performance was the payout to partners when prices increase beyond a certain level, which Occidental said cut production by 29,000 barrels a day.
Revenue for the second quarter did shoot up some, rising to $4.76 billion, or 29 percent.
The worst performing units of the company were the one housing Phibro, which the company acquired from Citigroup (NYSE:C). That unit lost $13 million or 79 percent, while the chemicals business earnings dropped 6.1 percent to $108 million.
Friday, May 28, 2010
Citigroup (NYSE:C) On Gulf Lawsuits, Lobbying
While we hear a lot about BP (NYSE:BP) and Transocean (NYSE:RIG) in the Gulf oil crisis, there are a lot of oil companies who could have exposure to the fallout from the oil spill, which could result in some significant pressure in the months ahead, according to a Citigroup (NYSE:C) analyst.
The analyst said, In the Independent Oil & Gas industry, Anadarko (NYSE:APC), Apache (NYSE:APA), Newfield (NYSE:NFX), Nexen (NYSE: NXY) and Noble Energy (NYSE:NBL) have offshore Gulf of Mexico exposure. Of the US integrated oil industry, Chevron (NYSE:CVX) and Marathon (NYSE:MRO) have the highest level of activity taking place in the deep waters of the GOM. ExxonMobil (NYSE:XOM) and Hess (NYSE:HES) have limited exposure. Occidental Petroleum (NYSE:OXY) has zero exposure and is likely to benefit from the current environment."
Ultimately what some consider an over-response from the Obama administration, this could be devastating to the overall U.S. economy at a time when it continues to struggle to recover from the great recession.
The analyst said, In the Independent Oil & Gas industry, Anadarko (NYSE:APC), Apache (NYSE:APA), Newfield (NYSE:NFX), Nexen (NYSE: NXY) and Noble Energy (NYSE:NBL) have offshore Gulf of Mexico exposure. Of the US integrated oil industry, Chevron (NYSE:CVX) and Marathon (NYSE:MRO) have the highest level of activity taking place in the deep waters of the GOM. ExxonMobil (NYSE:XOM) and Hess (NYSE:HES) have limited exposure. Occidental Petroleum (NYSE:OXY) has zero exposure and is likely to benefit from the current environment."
Ultimately what some consider an over-response from the Obama administration, this could be devastating to the overall U.S. economy at a time when it continues to struggle to recover from the great recession.
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