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.
According 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.