5 Companies Drawing Attention on Quarterly Reports

4. Occidental Petroleum Corporation (NYSE:OXY)

Number of Hedge Fund Holders: 58

Shares of Occidental Petroleum Corporation (NYSE:OXY) slightly moved up in the pre-market trading session on Wednesday, May 11, 2022, after swinging to a profit in the first quarter. The Houston-based oil producer primarily benefitted from higher commodity prices, as fuel prices rose sharply following the Russia-Ukraine war.

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Occidental Petroleum Corporation (NYSE:OXY) reported adjusted earnings of $2.12 per share, compared to an adjusted loss of 15 cents per share in the year-ago period. Revenue for the quarter increased to $8.5 billion, from $5.5 billion in the comparable period of 2021. The results easily surpassed analysts’ average estimate of $2.03 per share for earnings and $8.08 billion for revenue.

Praising the results, CEO of Occidental Petroleum Corporation (NYSE:OXY), Vicki Hollub, said in a statement:

“We are pleased with our employees’ outstanding performance in the first quarter in meeting our production guidance and, in accordance with our full-year capital plan, preparing our global operations to deliver increased barrels of oil and natural gas to the market for the remainder of the year.”