Occidental Petroleum Corp. reported Thursday that revenue fell
32% in the June quarter as the energy exploration and production
company continued to be hurt by low commodity prices.
In May, the Houston-based energy company named company insider
Vicki Hollub as its next chief executive.
The average quarterly marker prices for WTI and Brent were
$57.94 per barrel and $63.50 per barrel, respectively, down from
$102.99 per barrel and $109.77 per barrel in the prior-year
period.
However, production has continued to increase. In the latest
quarter, production grew 13% to 658,000 barrels of oil equivalent a
day, led by the Permian basin region, where production increased
51%.
Overall, Occidental reported a profit of $176 million, or 23
cents a share, compared with a profit of $1.4 billion, or $1.82 a
share, a year earlier.
Excluding one-time items, per-share earnings were 21 cents, down
from $1.38 a year earlier.
Net sales fell to $3.47 billion from $5.13 billion a year
earlier.
Analysts polled by Thomson Reuters expected per-share profit of
21 cents and revenue of $3.65 billion.
Shares, inactive premarket, have fallen 12% this year through
Wednesday's close.
Write to Angela Chen at angela.chen@wsj.com
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