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 0.82% and were trading at $66.54 after the market closed on January 27, 2023. However, the January 26 closing price was $67.09, which is higher by $0.55 compared to the January 27 closing price.
OXY is one of the top companies in the hydro petroleum industry. The company was ranked 183rd on the 2021 Fortune 500 based on its 2022 revenue and earnings.
China Petroleum Chemical Corp is one of the largest petroleum companies based on revenue and net income. It has a $ 10.8 billion net income in a year.
According to several reports, the global oil industry has a market size of $6.819 trillion. And the U.S. individually produces 6.8 billion barrels of oil in one year.
The petroleum industry is one of the essential parts of the global economy, which alone contributes 3.8% of the world’s economy, and the annual generated from the petroleum industry is over $400 billion.
ExxonMobil is a leading petroleum company in the United State Petroleum industry with a market cap of 476.08 USD. The company has 21 oil refineries which collectively have a refining capacity of 4.9 million barrels.
OXY also pays a dividend to its stockholders of $0.13 per share. All United States petroleum companies collectively generate over $ 180 billion in revenue annually.
The United States Petroleum industry employs over 9.5 million workers, which is 5.5% of U.S. employment.
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.
Chevron is known to be the world’s largest and most successful oil company. It’s the seventh largest globally and the second largest in the United States. With a market capitalization of over 346.99 billion USD, the company had its Q3 earnings release in September 2022.
OXY Q1,Q2 and Q3 Income Statement
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.
The views presented in the article solely belong to the writer and do not offer any investment advice to the readers.
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