Occidental Petroleum (NYSE:OXY) Fiscal Q4 Net Tumbles 79% on Write Down on Gas Assets

Occidental Petroleum Corporation (NYSE:OXY) announced on Thursday that fiscal Q4 earnings plunged 79% as the company booked a write-down of gas assets in the Midcontinent, while the energy producer continued to observe falling oil and natural-gas prices.

Los Angeles based Occidental, one of the biggest United States oil and gas companies based on market capitalization, announced a profit of $336 million or 42 cents per share, low from $1.63 billion or $2.01 per share in pervious year.

The company announced EPS were $1.83 without a $1.1 billion charge linked with the impairment of gas assets in the Midcontinent. Revenue moved up 2.3% to $6.17 billion.

Thomson Reuters analysts survey most recently estimated earnings of $1.66 per share on $5.85 billion of revenue.

Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Eni SpA (ADR) (NYSE:E) fell -0.10% to settle at $49.93, Chevron Corporation (NYSE:CVX) moved down -1.12% to end at $115.15 while Marathon Oil Corporation (NYSE:MRO) jumped +0.18% to finish at $33.61 on Thursday.

Occidental Petroleum Corporation (NYSE:OXY) on Jan 31, 2013 increased +3.46% to the closing price of $88.27. The overall volume in the last trading session was 13.90 million shares. Its fifty two weeks range was $72.43 – $106.68. The total market capitalization remained at $71.51 billion.

OXY is ahead of its 52-week low with 22.77% and lagging behind from its 52-week high price with -15.09%. OXY’s last month’s stock price volatility remained 1.45%. In its share capital OXY has 810.18 million outstanding shares, among them 798.70 million shares have been floated in market exchange. OXY’s stock’s institutional ownership remained 80.23% while insider ownership included 1.21%.

The stock price of OXY is moving forward from its 20 days moving average with 7.19% and remote positively from 50 days moving average with 12.63%. OXY’s current year’s earnings per share experienced an addition with 45.44% while its current quarter performance remained at 10.53%. Company’s beta coefficient included 1.18. Beta factors measure the amount of market risk associated with market trade.

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