Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Occidental Petroleum loss narrows as chemicals, oil exports gain

Stock MarketsMay 10, 2021 08:04PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: A wellhead is seen at an Occidental Petroleum Corp carbon dioxide enhanced oil recovery project in Hobbs, New Mexico, U.S. on May 3, 2017. Picture taken on May 3, 2017. REUTERS/Ernest Scheyder/File Photo 2/2

By Jennifer Hiller

(Reuters) - Occidental Petroleum Corp (NYSE:OXY) on Monday surpassed Wall Street expectations by reporting a smaller first-quarter loss than a year ago, boosted by earnings from chemicals and oil exports.

The company benefited from a rebound in oil prices, up about 23% during the first quarter, as fuel demand recovered after being decimated last year by lockdowns to curb the spread of COVID-19.

The oil and gas producer reported an adjusted loss of $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.

Analysts had expected a loss of 33 cents per share, according to Refinitiv.

Improved operating results in chemicals and marketing were overshadowed by costs relating to a dispute over Ecuador's seizure of an Occidental oil field in 2006. Occidental, which plans to appeal, recorded a $403 million after-tax loss contingency to cover an arbitration judgment against it.

Occidental has struggled to pay down debt amassed in its $38 billion acquisition of Anadarko Petroleum (NYSE:APC) in 2019. It has sharply cut spending on production and put several assets on the market to generate cash.

"Occidental is well positioned to continue to use excess cash flows, coupled with asset sales proceeds, to reduce debt,” Chief Executive Vicki Hollub said.

Its oil and gas business lost $62 million for the quarter compared with a pre-tax gain of $179 million the year before.

Chemicals posted income of $251 million, down from $186 million the year prior. Stronger pricing was partially offset by storm interruptions and cost rises, the company said.

Midstream and marketing income was $282 million, compared with last year's $1.3 billion loss on impairment charges. The business handles its crude oil exports.

The company will hold a call with analysts on Tuesday.

Occidental Petroleum loss narrows as chemicals, oil exports gain
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Felipe Coutinho
Felipe Coutinho May 10, 2021 8:19PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
strenghening the balance sheet to take off
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email