Occidental posts fourth straight adjusted loss as COVID-19 hits demand

FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

(Reuters) – Occidental Petroleum Corp OXY.N posted its fourth straight quarterly adjusted loss on Monday as the oil and gas producer suffered from a plunge in crude prices due to the COVID-19 pandemic.

The oil and gas producer has been forced to slash jobs, production and the value of its assets as it struggles with the debt taken on in last year’s $38 billion acquisition of Anadarko Petroleum, an ill-timed bet on oil prices rising.

Occidental said worldwide production from continuing operations rose 11.24% to 1.24 million barrels of oil equivalent per day in the third quarter, while the average price it received for crude oil plummeted about 31.5% to $38.67 per barrel.

Net loss attributable to common stockholders was $3.8 billion, or $4.07 cents per share, compared with a loss of $912 million, or $1.08 cents per share, a year earlier.

The quarter included a one-time charge of about $2.4 billion related to Occidental’s equity investment in Western Midstream Partners LP and $700 million of losses associated with the divestitures of onshore Colombia assets and some acreage in Wyoming, Colorado and Utah.

Excluding one-time items, the company lost 84 cents per share.

Source: Read Full Article