Occidental Petroleum Corp

OXY: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$45.00	Lfvx	Hfwvxdjl

Occidental Earnings: Higher-Than-Expected Uptime in Gulf of Mexico Drives Elevated Production

Katherine Olexa

Nov 9, 2023

Occidental Petroleum’s oil and gas business delivered 1,220 thousand barrels of oil equivalent per day, exceeding the midpoint and top end of guidance by 2.8% and 1.1%, respectively. Following another quarter of strong performance, management has once again raised its full-year production outlook by 1% to 1,221 mboe/d at the midpoint. We maintain our no-moat rating and $61 fair value estimate following results.

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