Occidental Easily Beats Sales, Profit Expectations
November 05 2018 - 4:10PM
Dow Jones News
By Micah Maidenberg
Occidental Petroleum Corp. (OXY) reported third-quarter profits
of $1.87 billion, or $2.44 a share, a performance that was helped
along by stronger crude prices, production and a gain from a major
asset sale.
Profits in the quarter increased tenfold from a year ago.
Analysts surveyed by FactSet expected the firm to make $1.50 a
share. On an adjusted basis, Occidental said it earned $1.77 a
share, beating expectations of $1.53 a share.
Sales surged 74% to $5.22 billion compared with the third
quarter in 2017. Analysts expected $4.58 billion.
Average daily production volumes of oil and gas rose 14% to
681,000 barrels of oil equivalent in the third quarter. The company
said its shale-drilling business in the Permian Basin region of
Texas and New Mexico increased production 60% compared to last year
to 225,000 barrels of oil equivalent.
The energy producer said its average realized crude oil sale
price around the world was $62.67 per barrel in the quarter, up
from $46.19 a year ago.
Occidental said Monday afternoon its profit results included an
approximately $700 million after-tax gain on the sale of midstream
assets in the U.S.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
November 05, 2018 16:55 ET (21:55 GMT)
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