Occidental Petroleum Corporation ( OXY ) shares are moving lower on Wednesday. The company reported 2024 third-quarter earnings after the market closed on Tuesday. Here’s what you need to know.

What To Know: The company reported earnings per share of $1, beating analyst estimates of 74 cents. Furthermore, Occidental reported sales of $7.15 billion, missing analyst estimates of $7.23 billion.

It reported sales from Oil and Gas of $5.69 billion, sales from Chemical of $1.24 billion and revenue from Midstream and Marketing of $440 million.

Furthermore, Occidental reported 60 million in revenue from interest, dividends and other income. However, the company reported a $210 million loss from Eliminations and a $79 million dollar loss from sale of assets and other sources.

The company reported other key pieces of financial data, including capital spending of $1.7 billion. It also reported operating cash flow of $3.8 billion and operating cash flow before working capital of $3.1 billion.

Throughout the quarter, Occidental repaid $4.0 billion in debt, achieving 90% of the company’s short-term debt reduction target. It also produced 1,412 Mboed exceeding the mid-point of guidance by 22 Mboed.

“Strong operational performance across all segments has resulted in our highest quarterly operating cash flow this year,” said President and CEO Vicki Hollub.

“The integration of CrownRock is off to a great start in terms of personnel and operations, and we have made significant progress in our deleveraging efforts, achieving nearly 90% of our short-term debt reduction target.”

Following the earnings report, Stephens & Co. analyst Mike Scialla maintained a Overweight rating on Occidental Petroleum ( OXY ) and raised the price target from $70 to $71.

OXY Price Action: At the time of publication, Occidental Petroleum ( OXY ) shares are moving 0.97% lower at $49.80, per data from Benzinga Pro.

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