Occidental Petro beats by $0.04, misses on revs
Reports Q4 (Dec) earnings of $1.72 per share, $0.04 better than the Capital IQ Consensus Estimate of $1.68; revenues were unchanged from the year-ago period at $6.17 bln.
- The fourth quarter of 2013 includes an after-tax gain of $665 million ($0.83 per diluted share) from the sale of a portion of an investment in the General Partner of Plains All American Pipeline, L.P., and an after-tax charge of $395 million ($0.49 per diluted share) related to the impairment of certain non-producing domestic oil and gas acreage.
- "Based on our preliminary reserve estimates, we added about 470 million barrels of reserves, resulting in a reserve replacement ratio of 169 percent for the total company. Of the total reserve additions, 156 percent, or about 433 million barrels, resulted from our development program.
- "Our focus on capital and operating efficiencies helped us generate $12.9 billion of cash flow from operations during the twelve months of 2013. We spent $8.8 billion of our cash flow on capital expenditures, repurchased almost 11 million shares and reduced our debt by 9 percent. Our year-end cash balance was $3.4 billion compared to the 2012 year-end level of $1.6 billion."