Occidental Petroleum Corp. shares dropped 2.96% to $25.61 Monday. This proved to be an all-around rough trading session for the stock market, with the S&P 500 Index SPX falling 0.09% to 4,432.35 and Dow Jones Industrial Average DJIA falling 0.30% to 35,101.85.
Occidental Petroleum Corp. closed $7.89 short of its 52-week high ($33.50), which the company reached on July 1st. The stock underperformed when compared to some of its competitors Monday, as Exxon Mobil Corp. XOM fell 1.14% to $57.20, Chevron Corp. CVX fell 1.67% to $100.25, and ConocoPhillips COP fell 1.86% to $55.45.
Occidental Petroleum Corp trading volume (12.0 M) remained 5.1 million below its 50-day average volume of 17.1 M.The stock’s fall snapped a two-day winning streak. The petroleum company reported Net sales rose to $5.96 billion from $2.93 billion from the previous year.
Analysts surveyed by FactSet expected a break-even profit, or an adjusted profit of a penny a share, and $5.87 billion in sales. The company said it produced a free cash flow of about $2 billion and said that, excluding items affecting comparability, oil and gas results improved from the previous quarter due to higher commodity prices and sales volumes.The company also said during its second-quarter report that the total production from continuing operations rose to 1.2 million barrels of oil equivalent per day, 7.7% higher sequentially. The company’s average price for worldwide crude oil rose to $60.05 per barrel from $55.65 barrel in the prior quarter.