Occidental Reports Loss of $912 Million for Third Quarter

Date : 11/04/2019 @ 10:28PM
Source : Dow Jones News
Stock : Occidental Petroleum Corporation (OXY)
Quote : 13.0  0.23 (1.80%) @ 12:59AM
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Occidental Reports Loss of $912 Million for Third Quarter

Occidental Petroleum (NYSE:OXY)
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   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 micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

November 04, 2019 17:13 ET (22:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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