Occidental Announces 3rd Quarter 2019 Results

Occidental Petroleum Corporation (NYSE:OXY) today announced a net loss attributable to common stockholders for the third quarter of 2019 of $912 million, or $1.08 per diluted share, and adjusted income attributable to common stockholders of $93 million, or $0.11 per diluted share.

Third quarter pre-tax items affecting comparability mainly include Anadarko merger-related transaction costs and debt financing fees of $969 million, oil and gas impairment charges of $325 million and a gain on sale of $111 million related to Occidental’s sale of its interests in Plains All American Pipeline, L.P. and Plains GP Holdings, L.P. (together, Plains).

Highlights:

Completed acquisition of Anadarko on August 8

Completed $3.9 billion sale of Mozambique and divested Plains interests for $650 million

Repaid $4.9 billion of debt, including all 2020 debt maturities

Returned $600 million to shareholders

Achieved pre-tax income guidance for both OxyChem and Marketing and Other Midstream segments

Achieved production from legacy Occidental operations of 737,000 BOE per day near the high end of guidance, with Permian Resources exceeding guidance at 300,000 BOE per day

Reported third quarter combined production of 1,114,000 BOE per day from continuing operations, exceeding prior guidance midpoint by 32,000 BOE per day

Source / More : Occidental

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