Occidental Tops Profit Estimates

Monday, November 5, 2018

U.S. oil and natural gas producer Occidental Petroleum Corp beat quarterly profit estimates on Monday, benefiting from a surge in production in the Permian Basin and higher prices.

The company, which has been investing heavily to boost production in Permian, said output in the basin surged about 62 percent to 225,000 barrels of oil equivalent per day (boe/d) in the third quarter.

The company's average production rose about 13.5 percent to 681,000 boe/d.

The Houston-based company's net income rose to $1.87 billion, or $2.44 per share, in the quarter ended Sept. 30, from $190 million, or 25 cents per share, a year earlier.

In the latest quarter, the company had an after-tax gain on the sale of midstream assets of about $700 million.

Excluding one-time items, Occidental earned $1.77 per share. By that measure, analysts had expected earnings of $1.54 per share, according to IBES data from Refinitiv.

The company plans to hold a conference call with investors to discuss the quarterly results on Tuesday.


(Reporting by Shanti S Nair; Editing by Maju Samuel)

Categories: North America Oil Energy Shale Oil & Gas Industry News

Related Stories

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

MDL Secures Cable Laying Job in Asia Pacific

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

Chinese Contractor Secures Offshore Oil and Gas ‘Mega Deal’ from QatarEnergy

Saipem Bags $1.5B Contract for Türkiye Largest Offshore Gas Field

Floating Offshore Wind Test Center Planned for Japan

PTTEP Hires McDermott for Deepwater Subsea Job off Malaysia

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com