Occidental Reports Loss of $912 Million for Third Quarter
November 04 2019 - 5:28PM
Dow Jones News
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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