Occidental Petroleum (OXY), one of the best-performing stocks in the S&P 500, posted strong third quarter figures, with revenues at $9.5 billion, up 40% YoY, compared to $6.8 billion a year ago, reports Todd Shaver, editor of Bull Market Report.
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The company posted a profit of $2.5 billion, or $2.44 per share, compared to $840 million, or $0.87 per share during the same period last year, with a beat on the top line, and a slight miss at the bottom.
The company had a stellar quarter across the board, with production exceeding guidance by 25,000 barrels of oil equivalent per day, at nearly 1.2 million barrels per day.
Occidental’s midstream and downstream segments, namely OxyChem, and its marketing business exceeded guidance with a profit of $580 million, and $100 million, respectively, which further led to an increase in the full-year guidance for all three.
Occidental Petroleum represents a remarkable turnaround story,…
This article was written by and originally published on finance.yahoo.com