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Occidental Petroleum Corp Stock Crashes

Occidental Petroleum Corp stock slid 3.09% to $25.07 Wednesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 0.29% to 4,115.68 and Dow Jones Industrial Average DJIA falling 0.48% to 33,896.04. This was the stock’s second consecutive day of losses.

Occidental Petroleum Corp. closed $7.45 below its 52-week high ($32.52), which the company reached on March 5th. The stock underperformed when compared to some of its competitors Wednesday, as Exxon Mobil Corp. XOM fell 2.40% to $58.98, Chevron Corp. CVX fell 2.81% to $103.20, and ConocoPhillips COP fell 2.98% to $55.58. Trading volume (18.1 M) eclipsed its 50-day average volume of 17.6 M.

Occidental Petroleum Corp Stock CrashesAccording to the 2020 Annual Report, Occidental Petroleum Corp has considerable debt coming due in the near term. While the company has only $225 million coming due this year, it has $2.1 billion coming due next year and $900 million coming due in 2023. In aggregate, that equates to $3.225 billion in debt coming due by the end of 2023.

Q1 EPS report showed some improvement over previous quarters but the company still posted a loss of $0.36/share and an adjusted loss of $0.65/share due primarily to charges for discontinued operations in Ecuador and Ghana. However, the company did generate $1.6 billion in free cash flow. Much of that came from the company’s chemicals and midstream operations, which delivered $251 million and $282 million, respectively, in pre-tax income.OXY’s oil and gas production operations generated a pre-tax loss of $62 million despite strong O&G prices and an average realized price for NGLs that was $23.44/bbl – up 57% over the prior quarter. Still, the results were much better than the pre-tax loss of $1.1 billion from the prior quarter.

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