Occidental announce net loss for the first quarter of 2021
Occidental (NYSE:OXY) today announced net loss attributable to common stockholders for the first quarter of 2021 of $346 million, or $0.36 per diluted share, and an adjusted loss attributable to common stockholders of $136 million, or $0.15 per diluted share, compared to a net loss attributable to common stockholders for the fourth quarter of 2020 of $1.3 billion, or $1.41 per diluted share, and an adjusted loss attributable to common stockholders of $610 million, or $0.65 per diluted share.
First quarter after-tax items affecting comparability of $210 million included $445 million loss in discontinued operations related to Ecuador and Ghana and $106 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases, partially offset by $293 million of net derivative gains and a $79 million gain on the sale of 11.5 million limited partner units in Western Midstream Partners, LP (WES).
Highlights:
- Cash flow from continuing operations of $0.8 billion and cash flow from continuing operations before working capital of $2.1 billion
- Maintained capital discipline with spending of $579 million, resulting in free cash flow excluding working capital of $1.6 billion
- Exceeded guidance midpoint by 17 Mboed with production of 1,117 Mboed from continuing operations
- Continued operational excellence through record drilling and completion efficiencies
- Closed $0.5 billion of asset sales, including non-core assets in the DJ Basin
- Exceeded pre-tax income guidance for both OxyChem and midstream and marketing segments
- Raised total year pre-tax guidance for OxyChem to $1.0 billion
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