Occidental reports profit of $836m in third quarter 2021
Occidental Petroleum Corp. announced net income attributable to common stockholders for the third quarter of 2021 of $628 million, or $0.65 per diluted share, and adjusted income attributable to common stockholders of $836 million, or $0.87 per diluted share, compared to a net loss attributable to common stockholders for the prior quarter of $97 million, or $0.10 per diluted share, and adjusted income attributable to common stockholders of $311 million, or $0.32 per diluted share. Third quarter after-tax items affecting comparability of $208 million included $102 million of net derivative mark-to-market losses and $69 million of debt tender premiums.
Oil and gas pre-tax income on continuing operations for the third quarter of 2021 was $1.5 billion, compared to pre-tax income of $631 million in the prior quarter. The third quarter results included pre-tax charges of $112 million, primarily related to derivative mark-to-market losses. Excluding items affecting comparability, third quarter 2021 oil and gas income improved over the prior quarter due to higher crude oil, natural gas liquids (NGL) and gas prices and lower depreciation, depletion and amortization (DD&A) rates, which were partially offset by lower crude sales volumes and higher operating expenses.
For the third quarter of 2021, average WTI and Brent marker prices were $70.56 per barrel and $73.23 per barrel, respectively. Average worldwide realized crude oil prices increased by approximately 7 percent from the prior quarter to $68.74 per barrel. Average worldwide realized NGL prices increased by approximately 36 percent from the prior quarter to $34.01 per barrel of oil equivalent. Average domestic realized gas prices increased by approximately 29 percent from the prior quarter to $3.35 per Mcf.
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