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Occidental Petroleum stock dips amid earnings miss

Yahoo Finance

Yahoo Finance Live discusses a drop in Occidental Petroleum stock as the company's latest earnings report missed investor expectations.

Video transcript

- Let's take a look at shares of Occidental Petroleum. They are trading lower after the company reported weaker than expected first quarter results. Just in earnings coming in at $1.09 a share. That was lower than what the Street was looking for, $1.23 a share. Revenue also coming in just below the Street's expectations at $7.23 billion. The estimate was for $7.33 billion.

Now, this coming after Warren Buffett said over the weekend that he would not be seeking full control of the oil company. That was something that investors had speculated about going into the shareholder meeting over the weekend. We know Buffett does currently have a 23.6% stake in Occidental Petroleum. When he was making those comments Buffett also went on to say that, quote, "We've got the right management in place."