Occidental Profit Beats Estimates on Record Production
This article is for subscribers only.
Occidental Petroleum Corp., the largest onshore crude producer in the continental U.S., reported profit that beat analysts’ estimates as domestic production reached a record for the ninth consecutive quarter.
Excluding a $1.1 billion writedown for the value of natural gas assets, fourth-quarter profit was $1.83 a share, exceeding the average of 23 estimates compiled by Bloomberg. Net income fell 79 percent to $336 million, or 42 cents a share, from $1.63 billion, or $2.01, a year earlier, Los Angeles-based Occidental said in a statement today.