The Houston–based company specialized in hydrocarbon exploration, Occidental Petroleum, posted its Q2 earnings, and the numbers were disappointing.
Occidental Petroleum posted a Q2 net loss of $8.35 billion, as the energy prices lowered. Last year it posted earnings of $635 million.
During the past quarter, the company had a loss per share of $1.76, exceeding the $1.68 forecasted.
The average price Occidental got for Crude Oil dropped 61% to $23.17 per barrel. The company announced that its oil and gas production would fall 13% in Q3, and an additional 5% in Q4. The production will be at 1.13 million barrels of oil and gas/ day. Also, by the end of the year, the shale output will drop 37%.
During the after-hours trading session, the Occidental share price lost about 6%. Year-to-date, it lost 61%.
See what Q2 other oil companies reported on CAPEX.com!
Sources: finance.yahoo.com, reuters.com