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Occidental Petroleum Slips To Loss In Q1; Cuts Capital Budget Again

Occidental Petroleum Corp. (OXY) reported a first-quarter net loss attributable to common stockholders of $2.23 billion or $2.49 per share, compared to net income of $631 million or $0.84 per share in the prior year.

The latest-quarter results included approximately $1.4 billion of goodwill impairment charges and equity investment losses mainly related to an equity investment in Western Midstream Partners, LP, $670 million mark-to-market loss on interest rate swaps, $580 million of impairment and related charges on domestic and international oil and gas properties and $150 million of Anadarko acquisition-related transaction costs, partially offset by $1.0 billion of mark-to-market gains on crude oil hedges.

Adjusted loss attributable to common stockholders was $467 million, or $0.52 per share, compared to net income of $631 million or $0.84 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.63 per share. Analysts' estimates typically exclude special items.

Revenues and other income grew to $6.45 billion from $4.09 billion last year. Analysts expected revenue of $5.18 billion for the quarter.

The company said it has identified an additional $1.2 billion in operating and corporate cost savings and reduced its full-year capital budget to between $2.4 billion to $2.6 billion, while protecting the integrity of its assets.

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