Occidental Petroleum Profit Jumps

Tuesday, February 12, 2019

Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts' estimates, helped by a surge in Permian basin production and higher realized prices for its crude.

Production from its Permian resources unit rose 57 percent to 250,000 barrels of oil equivalent per day (boe/d) in the fourth quarter, boosted by its investments in the basin.

A recovery in global oil prices since the end of 2016 led to a resurgence in U.S. shale activity centered around the Permian basin of Texas and New Mexico. U.S. recently edged past Saudi Arabia and Russia, to become the world's top oil producer.

Occidental's Average production was up about 13 percent at 700,000 barrels of oil equivalent per day (boe/d).

Revenue from its midstream and marketing unit rose to about $1.30 billion from $410 million a year earlier.

U.S. crude prices were 7 percent higher on average in the fourth quarter, compared with a year earlier.

The company's adjusted profit rose to $922 million, or $1.22 per share, in the fourth quarter ended Dec. 31 from $313 million, or 41 cents per share, a year earlier.

Analysts on average had estimated the company to post a profit of $1.14 per share, according to IBES data from Refinitiv.

Occidental recorded impairment charges on its Qatar assets of $220 million.


(Reporting by Debroop Roy in Bengaluru; Editing by Anil D'Silva)

Categories: Finance Shale Oil & Gas Production North America Shale

Related Stories

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Brownfield Output Decline Accelerates, says IEA

CNOOC Brings Online Another Oil and Gas Project in South China Sea

China Starts Production at Major Oil Field in Bohai Sea

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Current News

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

Eni-Petronas Gas Joint Venture Up for Launch in 2026

Vietsovpetro Brings BK-24 Oil Platform Online Two Months Early

Propane’s Economic Edge for Ports During Trade Uncertainty

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