Occidental Petroleum (NYSE:OXY) -1.1% post-market Monday after reporting strong gains in Q4 earnings and revenues that nevertheless failed to meet Wall Street expectations.
The company also announced a new $3B stock buyback program and a 38% increase to its quarterly dividend to $0.18/share.
Occidental (OXY) said Q4 net income rose to $1.7B, or $1.74/share, from $1.3B, or $1.58/share, in the year-ago quarter, but adjusted EPS of $1.61 was below analyst estimates.
Q4 revenues roughly doubled to $8.22B from $4.16B a year earlier, but analyst consensus came in at $8.38B; oil and gas revenues more than doubled to $6.3B from $2.98B in the year-ago quarter, chemical sales jumped 48% Y/Y to $1.47B from $988M, and midstream and marketing sales increased 89% to $775M from $410M a year earlier.
The company said it sold its oil for an average of $83.64/bbl in Q4, up 11% Y/Y but ~12% lower than in Q3.
Occidental (OXY) forecast FY 2023 global production of 1.15B-1.21B boe/day and Q1 output of 1.16B-1.2B boe/day, compared to 1.227B boe/day in Q4.
The company anticipates FY 2023 capital spending in the $5.4B-$6.2B range.
Occidental Petroleum (OXY) shares have lost 3% so far this year but gained 35% during the past 12 months.