NEW YORK (TheStreet) -- Occidental Petroleum  (OXY) - Get Report stock is advancing by 5.36% to $73.96 in late morning trading on Wednesday, after the release of the company's financial results for the 2015 third quarter. 

The oil and gas company reported earnings of 3 cents per share for the most recent quarter, down from $1.34 per share in the year ago period. 

Revenue declined year over year, to $3.1 billion from $4.9 billion in the 2014 third quarter. 

Analysts had forecast for a loss of 1 cent per share on revenue of $3.2 billion for the quarter. 

Occidental Petroleum's oil and gas production volumes increased by 94,000 barrels of oil equivalent (BOE) year over year, to 689,000 BOE from 595,000 BOE. 

Additionally, the company decided to exit its Williston Basin operations, and noted it will evaluate its operations in the Middle East and North Africa.

"The actions we have taken to exit non-core assets, improve drilling efficiencies and lower well and unit operating costs provide greater focus in both our U.S. and international oil and gas operations and will strengthen the financial results of the overall enterprise," CEO Stephen Chazen said in a statement.

Insight from TheStreet's Research Team:

Jim Cramer, Portfolio Manager of Action Alerts PLUS and Jack Mohr, Director of Research mentioned Occidental Petroleum in a recent post. Here is a snippet of what Jim Cramer and Jack Mohr had to say about the stock:

TheStreet Recommends

Although the oil environment remains tough, Occidental continues to display its ability to withstand the pressures plaguing many of its competitors. The company's dominant Permian Basin position sets it up for future growth. Importantly, management's ability to make tough, but necessary decisions has resulted in a reduction in capital expenditures, which is key during these difficult times as it allows the company to generate free cash flow to fund its attractive dividend.

- Jim Cramer and Jack Mohr, 'Occidental Earnings Top Consensus; Revenues In Line' originally published 10/28/2015 on ActionAlertsPLUS.com.

Want more information like this from Jim Cramer and Jack Mohr BEFORE your stock moves? Learn more about ActionAlertsPLUS.com now.

Separately, TheStreet Ratings team rates OCCIDENTAL PETROLEUM CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:

We rate OCCIDENTAL PETROLEUM CORP (OXY) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: OXY

Image placeholder title

OXY

data by

YCharts