Occidental Petroleum Loss Widens
February 04 2016 - 8:34AM
Dow Jones News
By Austen Hufford
Occidental Petroleum Corp. said its loss widened to $5.2 billion
in the fourth quarter amid heavy write-downs and low energy
prices.
Chief Executive Stephen I. Chazen highlighted reduced capital
spending and costs and said Occidental would only invest in its
"highest return" projects.
Houston-based Occidental, an oil and gas exploration and
production company, has been hurt by the sustained tumble in energy
prices. In the fourth quarter, Occidental said its realized crude
oil price was $38.68 per barrel, down about 46% from a year
prior.
Still, Occidental hasn't cut back production. In the latest
quarter, production climbed 12.6% from a year earlier. Production
was 671,000 barrels of oil equivalent a day, about flat compared
with the previous quarter.
Occidental reported a loss of $5.18 billion, or $6.78 a share,
compared with a loss of $3.41 billion, or $4.41 a share, a year
prior.
The latest quarter's results included about $4.92 billion in
asset impairment charges.
Core earnings were a loss of 17 cents a share, while analysts
polled by Thomson Reuters had forecast a loss of 12 cents a
share.
Total sales from its different segments fell 35% to $2.81
billion.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 04, 2016 08:19 ET (13:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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