Occidental Petroleum Corp. reported its sixth straight quarterly loss on Monday, a stretch that covers the Covid-19 pandemic, which hit crude prices hard last year.
The oil and gas producer said it lost $1.11 billion during the fourth quarter, a bit worse than the $1.04 billion loss it recorded for the fourth quarter of 2019.
Occidental’s loss per common share was $1.41, compared with a loss of $1.50 the year earlier. A divestiture in the Permian Basin production region weighed pre-tax earnings, Occidental said.
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Its loss of 78 cents on an adjusted basis, deeper than what analysts polled by FactSet expected.
Total sales of $4.16 billion was down from $6.63 billion, and weaker than the $4.32 billion consensus estimate.
Occidental said in an investor presentation it completed $2.4 billion in asset sales in the fourth quarter and refinanced $2 billion in debt, pushing out near-term maturities.
The company’s realized crude-oil prices were up 5% from the third quarter to $40.77.
Read More: Occidental Petroleum takes 6th straight loss