Occidental Petroleum Beats Earnings, but the Debt Story Is What Investors Will Watch
Occidental Petroleum reported first-quarter adjusted earnings of $1.06 per share, beating analyst expectations, as U.S. production averaged 1.426 million boed and net income reached $3.2 billion. Revenue fell short at $5.11 billion, and the company lowered its full-year production outlook. Occidental repaid $7.1 billion in debt through May 5, reducing principal debt to $13.3 billion. CEO Vicki Hollub will retire June 1.