Occidental Petroleum (NYSE:OXY)
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6 Months : From Oct 2019 to Apr 2020
By Micah Maidenberg
Occidental Petroleum Corp. (OXY) reported a loss for the third quarter, the first time the energy producer has issued quarterly results since it completed its $38 billion acquisition of Anadarko Petroleum Corp.
Occidental on Monday reported a loss for common shareholders of $912 million, or $1.08 a share, down from a profit of $1.87 billion, or 2.44 a share, a year earlier.
The company's results were hurt by merger-related pretax costs, including $969 million in merger-related expenses and debt-financing fees, and an impairment charge.
The company's profit after adjustments of 11 cents a share fell short of forecasts from analysts surveyed by FactSet, who had forecast 37 cents a share on that metric.
Total revenue rose 9% from the third quarter last year to $5.69 billion, more than the $5.63 billion analysts had predicted.
Write to Micah Maidenberg at firstname.lastname@example.org
(END) Dow Jones Newswires
November 04, 2019 17:13 ET (22:13 GMT)
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