Occidental Petroleum Stock Down Over 1.50% on Intraday Basic

OXY stock struggled and slipped 1.97% in the last trading session.
OXY is ranked 183rd on the 2021 Fortune 500 based on its 2022 revenue.

Occidental Petroleum Corporation (NYSE: OXY) is an American company founded in 1920 by Armand Hammer. The company is headquartered in Houston, Texas, United States.

OXY stock prices are down by 1.97% and were trading at $61.24 after the market closed on February 3, 2023. However, the February 2 closing price was $62.47, which is higher by $1.23 compared to the February 3 closing price.

OXY Petroleum is among the leading hydrogen petrochemical companies globally and is ranked 183rd on the 2021 Fortune 500 based on its 2022 revenue and earnings.

In the first quarter of 2022, OXY’s total revenue was $8.35b, from which net income was $4.88b. The revenue in the second quarter increased by a few percent and was $10.68b, but net income decreased compared to the first quarter, and the recorded net income was $3.76b.

The third quarter revenue was $9.39b, but the net income was the lowest in all quarters, which was $2.75b.It is expected that by the end of this month OXY could release its Q4 2022 earnings which may help stock to gain prices.

In the last five days the trading price of OXY stocks slipped by more than 6.05% compared to trading prices one week ago. The total decrement that OXY mirrored is $3.95.

The top three biggest oil companies in the United States are ExxonMobil, Chevron And Marathon Petroleum Corp. In the context of revenue, ExxonMobil is topper among these three and generates over $ 200 billion annually. Chevron earns annual revenue of $155 billion, and Marathon only earns $100 billion.

Shell Plc is an internal energy company with 70 locations involved in the exploration,production,refining and marketing of oil and natural gas and manufacturing and marketing of chemicals.

Shell released its Q4 2022 financial statements where it mentioned that it has reported the highest profit in the last 115 years which is around $42.3 billion.

Since the Russia and Ukraine war started global oil companies have mirrored a hike in their profit as for a certain period of time oil export from Russia was halted or countries were fearing to purchase oil from them.

Russia is the leading oil supplier in the global oil market and due to the war situation the global oil market was affected. However the market tried hard to control the volatility and at some point it was successful.

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing