Lower Oil Prices Take a Big Bite Out of Occidental Petroleum's Profits
Higher oil prices following Russia's invasion of Ukraine fueled surging profits for Occidental Petroleum (NYSE: OXY) last year. However, crude prices have cooled off considerably in recent months, weighed down by macroeconomic concerns. Those lower oil prices caused Occidental's first-quarter earnings to plummet 48% and fall short of analysts' expectations.
It wasn't all bad news for the oil giant. Occidental Petroleum still produced a lot of cash, most of which it returned to shareholders. These include Warren Buffett's Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), which owns about a quarter of shares.
In the first quarter, Occidental Petroleum generated $1.1 billion, or $1.09 per share, of adjusted net income. That was 48% below the year-ago period and missed analysts' consensus estimate of $1.24 per share.
Source Fool.com
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