Occidental Petroleum Corporation (NYSE:OXY) stock fell 3.97% (As on November 9, 12:09:27 AM UTC-4, Source: Google Finance) after the company posted mixed results for the third quarter of FY 22. Total average global production rose to 1,180 thousand barrels of oil equivalent per day, or Mboed, for the third quarter of 2022, up from 1,160 Mboed in the same period a year earlier. Oil and gas pre-tax income on continuing operations for the third quarter of 2022 was $3.3 billion, compared to pre-tax income of $4.1 billion for the second quarter of 2022. For the third quarter of 2022, average WTI and Brent marker prices were $91.55 per barrel and $97.59 per barrel, respectively. Average worldwide realized crude oil prices decreased by approximately 12 percent from the prior quarter to $94.89 per barrel. Average worldwide realized NGL prices decreased by approximately 16 percent from the prior quarter to $35.22 per barrel. Average domestic realized gas prices increased by approximately 13 percent from the prior quarter to $7.06 per Mcf.

Moreover, Chemical pre-tax income of $580 million for the third quarter of 2022 exceeded guidance of $500 million. Compared to the second quarter of 2022 pre-tax income of $800 million, the decrease in the third quarter of 2022 income was driven primarily by weakening polyvinyl chloride (PVC) prices, lower volumes across most product lines and higher energy costs, partially offset by increased caustic soda prices.

OXY in the third quarter of FY 22 has reported the adjusted earnings per share of $2.44, missing the analysts’ estimates for the adjusted earnings per share of $2.68. The company had reported the adjusted revenue growth of 35.9 percent to $9.5 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $9.44 billion.

Additionally, the company has repaid $1.3 billion of debt during the third quarter, with year-to-date repayments of $9.6 billion through November 7, 2022, representing 34% reduction of total outstanding principal.  The company has repurchased over 28.4 million shares for $1.8 billion during the third quarter, with year-to-date repurchases of 41.8 million shares for $2.6 billion through November 7, 2022. Cash flow from continuing operations of $4.3 billion and cash flow from continuing operations before working capital of $4.7 billion. Capital spending of $1.1 billion, resulting in quarterly free cash flow before working capital of $3.6 billion