Loss, Occidental Petroleum

Loss, Occidental Petroleum

Occidental Petroleum posts fourth straight quarterly loss on US$6.6 billion writedown

Occidental Petroleum posts fourth straight quarterly loss on US$6.6 billion writedown

10/8/2020 11:47:00 PM

Occidental Petroleum posts fourth straight quarterly loss on US$6.6 billion writedown

Occidental Petroleum Corp on Monday posted its fourth straight quarterly loss as it recorded a US$6.6 billion impairment charge, largely to write ...

BusinessOccidental Petroleum Corp on Monday posted its fourth straight quarterly loss as it recorded a US$6.6 billion impairment charge, largely to write down the value of its oil and gas properties following a crash in crude prices.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

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11 Aug 2020 04:30AMShare this contentBookmarkREUTERS: Occidental Petroleum Corp on Monday posted its fourth straight quarterly loss as it recorded a US$6.6 billion impairment charge, largely to write down the value of its oil and gas properties following a crash in crude prices.

Net loss attributable to common stockholders was US$8.35 billion, or US$9.12 per share, in the second quarter, compared with earnings of US$635 million, or 84 cents per share, a year earlier.AdvertisementAdvertisementAverage production of 1.41 million barrels of oil equivalent per day (boepd), exceeded the midpoint of its guidance by 36,000 boepd during the period.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila) Read more: CNA »

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