Why did OXY's Q4 earnings fall short of forecasts?

Occidental Petroleum's (OXY) Q4 earnings fell short of forecasts due to a combination of factors: 1. **Oil and Gas Prices**: Lower oil and gas prices have been a significant challenge for OXY. Despite higher domestic crude oil prices and improved oil and NGL prices, lower domestic gas prices and higher transportation costs partially offset these gains. This indicates that while OXY benefited from favorable market conditions in some aspects, lower commodity prices still had a negative impact on their profitability. 2. **Production Costs**: OXY faced increased production costs, which could have squeezed margins and reduced net income. Higher transportation costs, in particular, contributed to the erosion of profitability. In summary, the combination of lower oil and gas prices and increased production costs led to OXY's Q4 earnings falling short of forecasts.