Chemicals, Midstream strength but output miss
Cash earnings/share of $1.98 (+52% YoY) exceeded consensus by 9%, thanks to strong Chemicals and Midstream, plus a deferred tax boost. Oil and gas output of 621kboed (+2% YoY) missed consensus by 1% and the guidance midpoint by 2%. Operational issues in the Permian were partly to blame, although unconventional output there rose 14% QoQ and met guidance. FY18 output guidance mid-point of 653kboed is in line with consensus; FY18 capex ($3.8bn) is also in line. 4Q free cash flow was $261m ($0.34/share).Occidental Petroleum has three reporting segments: oil and gas, which explores for, develops and produces oil and condensate, natural gas liquids (NGL) and natural gas; chemical, which mainly manufactures and markets basic chemicals (chlorine, caustic soda, chlorinated organics, potassium chemicals, ethylene dichloride, chlorinated isocyanurates, sodium silicates and calcium chloride) and vinyls (vinyl chloride monomer, polyvinyl chloride and ethylene); and marketing and midstream, which purchases, markets, gathers, processes, transports and stores oil, condensate, NGL, natural gas, carbon dioxide and power.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.