Occidental Petroleum posted lower-than-expected Q2 figures

By: Miguel A. Rodriguez

09:45, 14 September 2020

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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 


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This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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