Stock Track | Occidental Petroleum Plummets 5.01% on Lower Q3 Realized Prices and Gaza Ceasefire Prospects

Stock Track

Oct 11

Occidental Petroleum (OXY) saw its stock price plummet by 5.01% during Friday's intraday trading session, as investors reacted to disappointing third-quarter realized prices and broader energy sector pressures.

According to an SEC filing, Occidental reported an average realized oil price of $64.78 per barrel worldwide for the third quarter, while natural gas prices averaged $1.57 per thousand cubic feet (Mcf). The company's natural gas liquids (NGLs) fetched an average price of $19.60 per barrel. These figures suggest potential headwinds for the company's Q3 financial performance, likely contributing to the sharp stock decline.

Adding to the downward pressure, the entire energy sector faced challenges as news of a potential ceasefire agreement between Israel and Hamas emerged. This development led to a retreat in oil prices, with Brent crude falling 1.73% to $63.49 per barrel and West Texas Intermediate (WTI) crude futures dropping 2.8% to $59.80 per barrel. The prospect of reduced geopolitical risk in the Middle East dampened the risk premium that had been supporting oil prices, affecting Occidental along with its peers in the energy industry.

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