Occidental Petro beats by $0.09, misses on revs
Reports Q3 (Sep) earnings of $1.97 per share, $0.09 better than the Capital IQ Consensus Estimate of $1.88; revenues rose 8.1% year/year to $6.45 bln vs the $6.71 bln consensus.
Q3 2013 domestic oil and gas production of 476,000 barrels of oil equivalent per day, an increase of 8,000 barrels per day in liquids on a sequential quarter over quarter basis.
Oxy's realized price for worldwide crude oil increased almost 8 percent to $103.95 per barrel for the third quarter of 2013, compared with $96.62 per barrel for the third quarter of 2012.
"We continue to see positive results from our focused drilling program and improved domestic operational efficiencies. Year-to-date, we have achieved a 22-percent reduction in our drilling costs relative to 2012. Domestic oil and gas operating expenses were $14.33 per BOE for the nine months of 2013, an 18-percent improvement from total year 2012 rates. Our focus on capital and operating efficiencies has helped us generate $9.8 bln of cash flow from operations during the first nine months of 2013, resulting in a current cash balance of $3.8 bln compared to the year-end level of $1.6 bln."