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Occidental Petroleum (OXY) loss narrows as crude prices

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DiscoverGold Member Level  Monday, 05/10/21 05:50:48 PM
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Occidental Petroleum (OXY) loss narrows as crude prices rebound
By: Reuters | May 10, 2021

Occidental Petroleum Corp (NYSE:OXY) on Monday beat Wall Street expectations as it posted a smaller first-quarter adjusted loss than the year prior, boosted by higher crude prices and profits in chemicals and marketing.

The company, like many of its peers, has benefited from a rebound in oil prices, up about 23% in the first quarter, as global fuel demand recovered after being decimated in 2020 by lockdowns to curb the spread of COVID-19.

The oil and gas producer said adjusted loss attributable to common stockholders was $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.

Analysts had expected a loss of 33 cents per share, according to Refinitiv.

The company sold its crude oil for around $55.65 per barrel in the first quarter, up from $47.08 per barrel for the same period in 2020.

"Occidental is well positioned to continue to use excess cash flows, coupled with asset sales proceeds, to reduce debt and other financial obligations,” Chief Executive Vicki Hollub said in a statement.

However, total production from continuing operations fell to 1.12 million barrels of oil and gas per day, from fourth quarter's 1.14 million barrels.

Occidental had warned in February about a hit from Winter Storm Uri that swept across U.S. central and southern states in mid-February.

The company's oil and gas production business lost $62 million for the quarter compared with a pre-tax gain of $179 million the year before.

Chemicals had pre-tax income of $251 million for the first quarter, up from $186 million the year prior. Improved pricing was partially offset by storm interruptions and an increase in the cost of ethylene and power, the company said.

Midstream and marketing income for the first quarter of 2021 was $282 million pre-tax, compared with a $1.3 billion loss last year on impairment charges.

Occidental shares closed at $26.63 on Monday, down 2.8%.

The company will hold a call with analysts on Tuesday.

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