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MarketScreener Homepage  >  Equities  >  Nyse  >  Apache Corporation    APA

APACHE CORPORATION (APA)
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Apache : Occidental Petroleum tops profit estimates on higher prices, output

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11/05/2018 | 09:09pm EST
The North Dakota regional headquarters of oil producer Occidental Petroleum Corp is seen in Dickinson

(Reuters) - U.S. oil and natural gas producer Occidental Petroleum Corp on Monday beat third-quarter profit estimates on the back of a surge in production from the Permian Basin and higher oil prices.

U.S. shale oil production from the Permian has nearly doubled in the last three years, while Brent crude touched a four-year high in September.

Occidental said average worldwide realized crude oil prices rose 36 percent to $62.67 (48.00 pounds) per barrel in the third quarter.

The company, which has been investing heavily to boost production in the Permian, said output from its Permian Resources unit surged about 62 percent to 225,000 barrels of oil equivalent per day (boe/d).

Occidental's average production rose about 13.5 percent to 681,000 boe/d.

However, the company lowered the top end of its full-year forecast for total output to between 655,000 boe/d and 659,000 boe/d, from 650,000 boe/d and 664,000 boe/d.

Sales in Occidental's chemical division rose 10.6 percent to $1.19 billion, helped by demand for caustic soda. The division, the company's second biggest, makes plastics used in pipes and siding.

The Houston-based company's net income surged to $1.87 billion, or $2.44 per share, in the quarter ended Sept. 30, from $190 million, or 25 cents per share, a year earlier. (https://bit.ly/2qutMkh)

In the latest quarter, the company had an after-tax gain on the sale of midstream assets of about $700 million.

Excluding one-time items, Occidental earned $1.77 per share topping analysts' estimates of $1.54 per share, according to IBES data from Refinitiv.

Shares of the company rose about 1 percent in after-hours trading.

The company will hold a conference call with investors to discuss the results on Tuesday.

(This story has corrected paragraph four to say output surged from the company's Permian Resources unit, not the Permian Basin)

(Reporting by Shanti S Nair in Bengaluru; Editing by Maju Samuel)

Stocks mentioned in the article
ChangeLast1st jan.
APACHE CORPORATION 2.07% 32.09 Delayed Quote.22.25%
OCCIDENTAL PETROLEUM CORPORATION 1.82% 67.03 Delayed Quote.7.25%
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Financials ($)
Sales 2018 7 504 M
EBIT 2018 2 280 M
Net income 2018 729 M
Debt 2018 7 848 M
Yield 2018 3,14%
P/E ratio 2018 13,50
P/E ratio 2019 39,30
EV / Sales 2018 2,67x
EV / Sales 2019 3,08x
Capitalization 12 180 M
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Mean consensus HOLD
Number of Analysts 32
Average target price 37,5 $
Spread / Average Target 17%
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Managers
NameTitle
John J. Christmann President, Chief Executive Officer & Director
John E. Lowe Non-Executive Chairman
Stephen J. Riney Chief Financial Officer & Executive Vice President
Mark D. Maddox Chief Information Officer & Vice President
George D. Lawrence Independent Director
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