Occidental Petroleum posts loss on asset sale By Reuters

© Reuters. The logo for Occidental Petroleum is displayed on a screen on the floor at the NYSE in New York

HOUSTON (Reuters) – Occidental Petroleum Corp (NYSE:) posted a larger-than-expected loss of $731 million on Monday on an asset sale in the Permian Basin.

The company reported fourth quarter financial results on Monday after the market close.

The U.S. producer’s average daily production for the fourth quarter was 1.14 million barrels of oil equivalent per day, down from 1.4 million barrels per day the year prior.

Occidental forecast the current quarter’s oil and gas production would shrink about 4%, mostly due to output losses during the recent winter storm in Texas.

It projected a $225 million profit from chemicals and forecast pipeline and marketing losses would widen to a range of between $135 million and $185 million.

Occidental reiterated that its capital spending would be around $2.9 billion this year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

Your Donation

Source link

Back to top button