Oil and gas industry giant Occidental Petroleum Corporation (OXY) will release its fourth-quarter 2023 financial results on February 14, 2024. The company’s Chief Executive, Vicki Hollub, believes that the oil market will move from oversupply to a long period of shortage in 2025 and beyond. This could mean higher oil prices as demand outpaces supply.
On the other hand, the company’s financials in the last reported quarter were far from stellar. OXY’s adjusted EPS decreased 51.6% from the prior-year quarter to $1.18. Furthermore, for the fourth quarter, analysts expect the company’s revenue and EPS to decline 17.5% and 57.2% year-over-year to $6.87 billion and $0.69, respectively.
