Occidental Petroleum Corp (NYSE:OXY) shares are trading lower in Monday’s after-hours session after the company reported worse-than-expected earnings results.
What Happened: Occidental reported fourth-quarter revenue of $8.33 billion and adjusted earnings per share of $1.61, which missed average analyst estimates of $1.80.
The company said it repaid $1.1 billion of debt during the fourth quarter bringing total debt repayments for the year up to $10.5 billion.
Occidental announced a 38% increase to its dividend, as well as an enhanced shareholder return framework which includes a new $3 billion buyback.
Don’t Miss This: Trading Strategies For Occidental Petroleum Stock Before And After Q4 Earnings
“Our fourth quarter of 2022 performance capped a year of strong results, in which we set operational records across our U.S. Onshore, Gulf of Mexico and International oil and gas businesses, while OxyChem delivered record earnings,” said Vicki Hollub, president and CEO of Occidental Petroleum.
“Our teams are well positioned to maintain this operational success, as we continue to focus on delivering value for our shareholders in 2023 through our recently authorized $3.0 billion share repurchase program and a 38% increase to our sustainable dividend.”
Warren Buffett’s Berkshire Hathaway is the largest Occidental shareholder. The company will hold a conference call to discuss these results Tuesday at 1 p.m. ET.
OXY Price Action: Occidental has a 52-week high of $77.13 and a 52-week low of $38.24.
The stock was down 0.81% after hours at $58.71 at the time of publication, according to Benzinga Pro.
Photo: Kristina KasputienÄ— from Pixabay.
