logo
Plus   Neg
Share
Email

Occidental Petroleum Slips To Loss In Q4; Results Miss View

Occidental Petroleum Corp. (OXY) reported a fourth-quarter net loss attributable to common stockholders of $1.40 billion or $1.50 per share, compared to net income of $706 million or $0.93 per share in the prior year.

The latest-quarter result included a charge of about $1.0 billion on its investment in Western Midstream Partners, LP, Anadarko acquisition-related transaction costs of $656 million.

OXY closed Thursday regular trading at $31.81, down $2.41 or 7.04 percent. But, in the after-hours, the stock gained $0.37 or 1.16 percent.

Adjusted loss attributable to common stockholders was $269 million or $0.30 per share, compared to net income of $922 million or $1.22 per share in the previous year.

Net sales for the quarter grew to $6.28 million from $4.76 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.19 per share and revenues of $6.48 billion for the quarter. Analysts' estimates typically exclude special items.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT