Occidental lost more than half of its value
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
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.