Occidental Petroleum Corporation OXY reported third-quarter 2022 earnings of $2.44 per share, lagging the Zacks Consensus Estimate of $2.48 by 1.6%. Earnings in the third quarter were lower than our estimate of $2.83 per share. In the year-ago quarter, the company reported earnings of 87 cents. Earnings improved year over year due to an increase in operating efficiencies and commodity prices.GAAP earnings of Occidental in third-quarter 2022 were $2.52 per share compared with 65 cents in the year-ago quarter.Total RevenuesOccidental's total revenues were $9,501 million, which surpassed the Zacks Consensus Estimate of $9,354 million by 1.6%. The top line also improved 39.4% from the year-ago quarter. The year-over-year improvement was due to a rise in contribution from all its segments. Total revenues were higher than our estimate of $9,402.1 million.Occidental Petroleum Corporation Price, Consensus and EPS Surprise Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation QuoteSegmental DetailsOil and Gas revenues for the quarter were $7,098 million, up 43.3% year over year.Chemical revenues for the quarter were $1,691 million, up 21.1% year over year.Midstream & Marketing revenues for the quarter were $1,005 million, up 43.2% year over year.Production & SalesOccidental’s total production volume for the third quarter was 1,180 thousand barrels of oil equivalent per day (Mboe/d), which was above the company’s guidance of 1,140-1,170 Mboe/d. Strong production volumes were attributed to higher volumes from the Rockies and other domestic assets. Permian Resources’ production for the third quarter was with 523 Mboe/d, which was near the lower end of the guidance of 523-533 Mboe/d.For the quarter under review, total sales volume was 1,179 Mboe/d, up 1.8% from 1,158 Mboe/d recorded in the year-ago period. The improvement was due to an increase in U.S. sales volume.Realized PricesThird-quarter realized prices of crude oil improved 38% year over year to $94.89 per barrel on a worldwide basis. Realized natural gas liquids’ prices also improved 3.6% from the prior-year quarter to $35.22 per barrel worldwide.Natural gas prices increased 92.7% from the year-ago quarter to $5.57 per thousand cubic feet worldwide. The company benefited from a worldwide improvement in commodity prices.Highlights of the ReleaseOccidental’s total expenses for the reported quarter were $6,119 million, up 6.7% year over year.The company generated $3.6 billion in free cash flow in the third quarter and repaid debts of $1.3 billion during the third quarter, with year-to-date repayments of $9.6 billion through Nov 7, 2022, further strengthening the balance sheet.Interest expenses for the reported quarter were down 36.5% to $285 million from $449 million in the year-ago period.Occidental repurchased more than 41.8 million shares for $2.6 billion through Nov 7, 2022.Financial PositionAs of Sep 30, 2022, Occidental had cash and cash equivalents of $1,233 million compared with $2,764 million as of Dec 31, 2021.As of Sep 30, 2022, the company had long-term debt (net of current portion) of $20,478 million compared with $29,431 million as of Dec 31, 2021. The decrease in the debt level was due to the effective management of debt since the acquisition of Anadarko.For third-quarter 2022, cash flow from operations was $4,700 million, up from $2,967 million in the prior-year period.Occidental’s total capital expenditure for third-quarter 2022 was $1,147 million compared with $656 million invested in the year-ago period.GuidanceFor the fourth quarter of 2022, OXY expects production of 1,200-1,260 Mboe/d and output from Permian Resources of 556-590 Mboe/d. Occidental expects fourth-quarter exploration expenses of $115 million.OXY aims to repurchase shares worth $3 billion in 2022, which will further improve shareholders value.Occidental has plans to invest $3.9-$4.3 billion in 2022 to further strengthen its operation.Zacks RankCurrently, Occidental has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesDevon Energy Corp. DVN reported third-quarter 2022 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.13 by 2.4%.The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 150.7%. Devon Energy witnessed an average surprise of 8.5% in the last four reported quarters.CNX Resources Corporation CNX reported third-quarter 2022 adjusted loss of 54 cents per share, which missed the Zacks Consensus Estimate earnings of 72 cents by 175%.CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 26.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 23.6%.TotalEnergies SE TTE has reported third-quarter 2022 operating earnings of $3.83 (€3.78) per share, lagging the Zacks Consensus Estimate of $3.91 per share by 2.04%.The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 117.6%. TotalEnergies posted an average surprise of 10.9% in the last four reported quarters. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report CNX Resources Corporation. (CNX): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research