Occidental Petroleum Corp (NYSE:OXY) stock rose 5.79% (As on February 19, 11:26:29 AM UTC-4, Source: Google Finance) after the company  reported mixed fourth-quarter results as earnings beat, but revenue missed Wall Street estimates. Oil and gas pre-tax income for the fourth quarter of 2024 was $1.2 billion, compared to pre-tax income of $1.2 billion for the third quarter of 2024. For the fourth quarter of 2024, average WTI and Brent marker prices were $70.27 per barrel and $73.97 per barrel, respectively. Average worldwide realized crude oil prices decreased by 7% from the prior quarter to $69.73 per barrel. Average worldwide realized natural gas liquids prices increased by 6% from the prior quarter to $21.80 per barrel. Total average global production of 1,463 thousand barrels of oil equivalent per day (Mboed) for the fourth quarter of 2024 exceeded the mid-point of guidance by 13 Mboed, led by Permian and Rockies & Other Domestic, while Gulf of America and International average daily production. Worldwide year-end proved reserves of 4.6 billion BOE with reserves replacement – all-in of 230% and reserves replacement – organic of 112%.

Moreover, OxyChem pre-tax income exceeded guidance at $270 million for the fourth quarter of 2024. The decrease in fourth quarter OxyChem income, compared to third quarter of 2024 income, resulted primarily from lower realized polyvinyl chloride (PVC) pricing and lower seasonal fourth quarter demand across most product lines. Midstream and marketing pre-tax results for the fourth quarter of 2024 reflected a loss of $134 million, which included net derivative losses of $88 million

OXY in the fourth quarter of FY 24 has reported the adjusted earnings per share of 80 cents, beating the analysts’ estimates for the adjusted earnings per share of 73 cents. The company had reported the adjusted revenue of $6.84 billion in the fourth quarter of FY 24, missing the analysts’ estimates for revenue of $6.98 billion. The company has reported a net loss attributable to common stockholders of $297 million and adjusted income attributable to common stockholders of $792 million for the fourth quarter of 2024

Additionally, the company has increased quarterly dividend by 9% to $0.24 per share, payable April 15, 2025, to stockholders of record as of March 10, 2025. Strong operational performance drove operating cash flow of $3.6 billion and operating cash flow before working capital of $3.1 billion. Capital spending of $1.8 billion and contributions from non-controlling interest of $54 million resulted in quarterly free cash flow before working capital of $1.4 billion.