Occidental Petroleum Swings to a Loss as Revenue Falls
August 03 2016 - 10:40AM
Dow Jones News
Occidental Petroleum Corp. swung to a loss in its latest quarter
and revenue fell by more than a quarter as the company continues to
deal with low energy prices.
Houston-based Occidental, an oil and gas exploration and
production company, has been working to cut costs amid the
sustained drop in energy prices. Oil and gas cash operating costs
fell 16% in the second quarter compared with the same quarter last
year. The price of realized crude oil price fell 27% to $39.66 per
barrel from last year, but is up 35% from last quarter.
Occidental hasn't significantly cut back production. In its
latest quarter, production fell 0.8% from a year earlier to 653,000
barrels of oil equivalent a day.
Occidental said it is continuing to reduce its exposure to some
areas in the U.S., Middle East and North Africa regions. Production
of these noncore assets 59%.
Occidental reported a loss of $139 million, or 18 cents a share,
compared with a profit of $176 million, or 23 cents a share, a year
prior.
Total sales from fell 27% to $2.53 billion with double-digit
declines across its segments.
Analysts polled by Thomson Reuters had expected a loss of 18
cents per share on revenue of $2.66 billion.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
August 03, 2016 10:25 ET (14:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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