Occidental Petroleum Corp. Earnings: $1.90 EPS vs Consensus of $1.72 on Revenues of $5.73 Bn

“Occidental Petroleum Earnings Cheat Sheet for the First Quarter

Results: Net income for Occidental Petroleum Corporation rose to $1.55 billion ($1.90/share) vs. $1.06 billion ($1.31/share) in the same quarter a year earlier. A rise of 45.6% from the year earlier quarter.

Revenue: Rose 20% to $5.73 billion YoY.

Actual vs. Wall St. Expectations: OXY reported adjusted net income from continuing operations of $1.72. By that measure, it fell short of the mean analyst estimate of $1.80/share. Estimates ranged from $1.63 per share to $1.94 per share.

Quoting Management: In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, said, “The first quarter of 2011 core income of $1.6 billion was 45-percent higher than the first quarter of 2010. Our oil and gas production for the first quarter of 2011 increased over four percent, as compared to the first quarter of 2010, to 730,000 BOE per day.”

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