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Occidental Petroleum Q4 results top estimates; hikes dividend

Investing.com - Occidental Petroleum on Wednesday reported fourth-quarter result that topped Wall Street estimates as higher production boosted performance, paving the way for the oil major to hike its quarterly dividend. 

Occidental Petroleum Corporation (NYSE:OXY) gained 0.5% in after-hours trade following the report.

The company reported EP of $0.74 on revenue of $7.17B, topping estimates for $0.68 and $6.93B, respectively. 

The beat was driven by increased production to 1.234 million of barrels of oil equivalent per day, which not only exceeded the mid-point of guidance by 0.8M boepd, but also was above 1.227M boed in the same period a year earlier.

The company increased its quarterly dividend by 22% to $0.22 per share.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.