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Houston-based Occidental Petroleum Corp (NYSE:OXY) has provided insights into the factors expected to influence its financial performance for the first quarter of 2025. The announcement comes as the company's stock has experienced significant pressure, declining nearly 27% in the past week and trading at $40.22. As disclosed in a recent SEC filing, the company highlighted several key considerations that are anticipated to shape the quarter's results. According to InvestingPro data, six analysts have recently revised their earnings expectations downward for the upcoming period.
Today, Occidental indicated that its management has identified a set of elements that will likely affect the company's financial outcomes for the initial quarter of the year. While the specifics of these factors were not detailed in the announcement, the company has furnished a document titled "Earnings Considerations" as part of its 8-K filing, which investors can refer to for more comprehensive information. Despite recent market challenges, the company maintains a strong dividend track record, having maintained payments for 52 consecutive years with a current yield of 2.66%.
The report, containing these considerations, is not to be considered as filed under the Securities Exchange Act of 1934, nor will it be incorporated by reference into any previous or future filings under the Securities Act of 1933 or the Exchange Act, except as explicitly stated in such filings.
Occidental Petroleum, with its primary business in crude petroleum and natural gas, operates under the SIC code 1311 and is incorporated in Delaware. The company's common stock and warrants to purchase common stock are both listed on the New York Stock Exchange under the symbols OXY and OXY WS, respectively.
The information provided is based on a press release statement and serves to inform investors and stakeholders about the factors that may impact the company's reported financial status for the first quarter of 2025. The filing was made on April 9, 2025, and the details can be accessed through the SEC's database using the accession number provided.
In other recent news, Occidental Petroleum has received significant attention due to several notable developments. The company, along with its subsidiary 1PointFive, has secured approval from the U.S. Environmental Protection Agency for Class VI permits for its Direct Air Capture facility in Texas, which is expected to capture up to 500,000 tonnes of carbon dioxide annually. In the financial sector, TD Cowen analysts downgraded Occidental Petroleum's stock from a Buy to a Hold rating, reducing the price target from $68 to $45, citing changes in the oil market and increased volatility. Fitch Ratings has revised Occidental Petroleum's rating outlook from Stable to Positive, maintaining a 'BBB-' rating, reflecting the company's accelerated debt repayment strategy and strong performance following the CrownRock acquisition.
Additionally, Occidental Petroleum has announced a temporary reduction in the exercise price of its publicly traded warrants, lowering it from $22.00 to $21.30 per share. This move aligns with the company's strategy to offer more attractive terms for warrant holders. Meanwhile, the Carlyle Group (NASDAQ:CG) is reportedly seeking a buyer for SierraCol, its Colombian oil production company established with assets acquired from Occidental Petroleum, with a potential sale price of $1.5 billion. These recent developments highlight Occidental Petroleum's active engagement in both strategic financial maneuvers and significant environmental initiatives.
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