The impact of severe winter storms in Texas last week that shuttered oil production in the top U.S. oilfield was temporary and not expected to affect oil output for 2021, Occidental Petroleum Corp executives told analysts on Tuesday.
The 25,000-barrel-per-day impact on Occidental's Permian Basin will be short-lived, Occidental Chief Financial Officer Robert Peterson said on a call with analysts.The U.S. producer on Monday after market close posted a larger-than-expected fourth-quarter loss despite higher oil and gas prices as an asset sale weighed on results.
Its fourth-quarter loss widened to US$731 million compared with a US$269 million loss in the same quarter a year ago.
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