Occidental Petroleum Corporation (OXY - Free Report) is an integrated oil and gas company. This Houston, TX-based firm, together with its subsidiaries, operates in the U.S. and several international territories with considerable exposure in exploration and production activities.

Occidental Petroleum is pursuing strategies to reduce activities in non-core operations in the Middle East and North Africa, while shifting focus toward opportunities to generate higher financial returns.

Moreover, systematic cost reduction strategies continue to help the company to counter the low price environment.

Estimate Trend & Surprise History

Coming to the earnings surprise, Occidental Petroleum has surpassed the Zacks Consensus Estimate in one of the last four quarters, resulting in a negative average surprise of 15.85%.

Zacks Rank: Currently, Occidental Petroleum has a Zacks Rank #3 (Hold) but that could change following its fourth quarter 2016 earnings report which has just released. We have highlighted some of the key details from the just-released announcement below:

Earnings: Occidental Petroleum reported fourth quarter loss wider than expected. Our consensus called for fourth-quarter loss of 3 cents, and the company reported loss of 13 cents.

Occidental Petroleum Corporation Price and EPS Surprise

Occidental Petroleum Corporation Price and EPS Surprise | Occidental Petroleum Corporation Quote

Revenue: Occidental Petroleum's revenue marginally beat estimates in the fourth quarter. The company posted revenues of $2,826 million in the fourth quarter, compared to our consensus estimate of $2,806 million.

Key Stats: Average daily oil and gas production volumes in the quarter were 607,000 barrels of oil equivalents (Boe), down from 680,000 Boe in the prior-year quarter.

Stock Price: It would be interesting to see how the market reacts to the earnings results during the trading session today.