Occidental joins other oil companies that have been affected by the pandemic

12:22, 11 August 2020

Occidental Petroleum posted lower-than-expected Q2 figures

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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