Notes From All Over -- Monday Afternoon -- November 4, 2019

Market: apparently all three major indices closed at all-time highs today --

• Dow: 27,462
• NASDAQ: 8,433
• S&P 500: 3,078

Gold. Drilling for gold in the Black Hills -- The Rapid City Journal.

OXY: waiting for 3Q19 earnings report ...

• up almost 5% during the day; up $4.22
• after hours, up one cent
• estimates: 
• EPS: 41 cents/share
• revenue: $5.46 billion
• these are huge declines from a year earlier; if the numbers and/or guidance comes in with worse news, it could be a tough day for those holding OXY ... or another buying opportunity ...
• later, 3:32 p.m. CT -- now down 23 cents/share; 
• earnings release: 
• if I'm reading this correctly:
• a loss of $1.08/diluted share (a loss of $912 million)
• adjusted income of 11 cents/share (adjusted income of $93 million)
• smoke and mirrors: Vicki Hollub says "the company returned excess cash flow to shareholders, as evidenced by $4.9 billion of third quarter debt repayments, including all 2020 debt maturities, and returning $600 million to investors."
• total per BOE lease operating costs for 3Q19 decreased by 12% to $9.26, from $10.55 for 2Q19, due to lower plant and downhole maintenance costs.
• now we're starting to see investor realization of what just happened: down 2.58% at 4:41 p.m. EST, down $1.14; trading at $43.08 -- trending back to where it was at the beginning of the day
• from my perspective, this is a very, very tough day for Ms Hollub
• Later, 6:32 p.m. ET: it looks like we will have to wait until tomorrow to see how this plays out -- last trade, down 21 cents/share suggesting OXY "held" despite the bad news; more tomorrow
• Later, 6:48 p.m. ET: OXY vows to slash spending after Anadarko hits earnings; of course OXY has huge interest payments to Warren Buffett to make; from Bloomberg: OXY will slash spending by 40% next year; but expects to increase overall output by 2%
• will spend $5.4 billion next year, vs the $9 billion the two companies would have spent separately
• expenditures in OXY's Permian area will drop by half to $2.2 billion
• OXY says the company earned 11 cents vs the 38 cents forecast

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Markets: new all-time highs -- Chevron, XOM lead DowJones to all-time high; China stocks surge.