Occidental Realized Oil Prices Jump 32.6% on War-Driven Crude Surge
OXY sits 59% above its 52-week low of $38.8.
Summary
Occidental's Q3 realized oil price hit $85.91/bbl, up 32.6% year-over-year, as the US-Iran war and Strait of Hormuz disruptions lifted Brent to an average $89.27. Natural gas and NGL realizations also rose. This follows the earlier disclosure that Gulf of America production curtailed in September has been partially restored. The price surge directly boosts revenue and cash flow for the quarter, though the $94 million negative impact from crude oil mentioned in the 8-K tempers the upside. Watch for full Q3 earnings to confirm the net effect.
At the time of this announcement, OXY was trading at $61.55 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $61.1B. The 52-week trading range was $38.80 to $67.45. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.