Occidental Petroleum Corporation (OXY) saw its loss narrow to $272 million, or $0.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5,178 million, or $6.78 a share.
Revenue during the quarter went down marginally by 0.60 percent to $2,826 million from $2,843 million in the previous year period. Gross margin for the quarter expanded 70 basis points over the previous year period to 53.08 percent.
Operating loss for the quarter was $564 million, compared with an operating loss of $6,688 million in the previous year period.
During 2016, we delivered 7 percent total company production growth exceeding our full year guidance for a capital program of less than $3.0 billion due to a focus on sustainable cost efficiencies. Our Permian Resources operations grew production by 13 percent, reduced unit operating costs by 25 percent and improved capital efficiency by 22 percent,” said president and chief executive officer Vicki Hollub.
Operating cash flow declines
Occidental Petroleum Corporation has generated cash of $2,519 million from operating activities during the year, down 22.59 percent or $735 million, when compared with the last year.
The company has spent $4,742 million cash to meet investing activities during the year as against cash outgo of $5,423 million in the last year. It has incurred net capital expenditure of $4,619 million on net basis during the year, down 5.77 percent or $283 million from year ago.
The company has spent $802 million cash to carry out financing activities during the year as against cash outgo of $1,342 million in the last year period.
Cash and cash equivalents stood at $2,233 million as on Dec. 31, 2016, down 30.24 percent or $968 million from $3,201 million on Dec. 31, 2015.
Working capital declines
Occidental Petroleum Corporation has witnessed a decline in the working capital over the last year. It stood at $2,066 million as at Dec. 31, 2016, down 24.24 percent or $661 million from $2,727 million on Dec. 31, 2015. Current ratio was at 1.32 as on Dec. 31, 2016, down from 1.40 on Dec. 31, 2015.
Debt moves up
Occidental Petroleum Corporation has witnessed an increase in total debt over the last one year. It stood at $9,819 million as on Dec. 31, 2016, up 18.23 percent or $1,514 million from $8,305 million on Dec. 31, 2015. Total debt was 22.78 percent of total assets as on Dec. 31, 2016, compared with 19.12 percent on Dec. 31, 2015. Debt to equity ratio was at 0.46 as on Dec. 31, 2016, up from 0.34 as on Dec. 31, 2015.
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