Occidental Petroleum Posts Third-Quarter Loss
November 01 2016 - 11:05AM
Dow Jones News
By Austen Hufford
Occidental Petroleum Corp. on Tuesday reported a quarterly loss
on a continued decline in revenue, as the oil-and-gas company deals
with low energy prices.
Houston-based Occidental reported a third-quarter loss of $241
million, or 32 cents a share, compared with a loss of $2.61
billion, or $3.42 a share, a year prior. Excluding various items,
the company posted a quarterly loss of 15 cents a share, compared
with a profit of 3 cents a share a year earlier.
Total sales from fell 16% to $2.73 billion.
Analysts polled by Thomson Reuters had expected a loss of 11
cents a share on revenue of $2.69 billion.
Occidental has been working to cut costs amid the sustained drop
in energy prices. Oil-and-gas cash operating costs fell 82% in the
third quarter from the same quarter last year. The realized crude
oil price fell 6.7% to $41.49 a barrel.
Occidental on Monday said it acquired acreage and interests in
enhanced oil-recovery assets in the Permian Basin in transactions
totaling roughly $2 billion, joining a series of deals in the
prolific West Texas drilling field.
Occidental has started to cut back production in the
low-energy-price environment. In its latest quarter, production
fell 12% from a year earlier to 605,000 barrels of oil equivalent a
day.
Shares of Occidental fell 2.5% to $71.07 in morning trading.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
November 01, 2016 10:50 ET (14:50 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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