Summary by Futu AI
On May 7, 2024, Occidental Petroleum Corporation released its financial results for the first quarter of 2024, ending March 31. The company reported strong operational performance with operating cash flow of $2.0 billion and cash flow from operations before working capital of $2.4 billion. Capital spending amounted to $1.8 billion, and contributions from noncontrolling interest were $57 million, resulting in a free cash flow before working capital of $720 million. Occidental's total production was 1,172 Mboed, aligning with the mid-point of their guidance despite challenges in the eastern Gulf of Mexico. The midstream and marketing segment exceeded pre-tax income guidance by approximately $100 million, while OxyChem's pre-tax income was $260 million, surpassing expectations. The company reported earnings per diluted share of $0.75 and adjusted earnings per diluted share of $0.63. President and CEO Vicki Hollub highlighted the company's operational excellence and its positioning for free cash flow growth. The financial report also included details on oil and gas production, chemical and midstream marketing performance, and various financial metrics.