Occidental Petroleum reported $1.06 per share in Q1, beating estimates of $0.59, despite hedging losses and delayed oil price benefits.
Occidental Petroleum (OXY) posted first-quarter earnings of $1.06 per share, surpassing Wall Street expectations of $0.59. The beat came despite a late oil price rally, which drove Brent crude up 85% year-to-date but only gained momentum in March.
Hedging losses weighed on OXY and peers like ExxonMobil (XOM) and Chevron (CVX), though OXY’s limited Middle East exposure mitigated the impact. Analysts now project OXY to earn $1.58 per share in Q2, reflecting higher oil price expectations.
Exxon, with greater regional exposure, faced production challenges, while Chevron also grappled with hedging headwinds. The sector’s performance remains tied to geopolitical tensions and oil price volatility.