Occidental Petroleum Posts Loss In Q3 On Charges

(RTTNews) - Occidental Petroleum Corp. (OXY) Wednesday reported a third-quarter attributable loss of $2.609 billion or $3.42 per share, compared to profit of $1.208 billion or $1.55 per share last year.

The latest results included $2.6 billion after tax charges, which reflect the sharp decline in the oil and gas futures price curves, as well as projects that management determined it would cease to pursue.

Core income for the third quarter of 2015 of $24 million or $0.03 per share, while it was $1.34 per share last year. On average, 25 analysts polled by Thomson Reuters expected earnings of $0.01 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $3.25 billion from last year's $4.93 billion. Analysts expected revenues of $3.20 billion.

Third-quarter daily production increased 16 percent to 689,000 BOE from last year's 595,000 BOE.