Occidental Petroleum remains in £790 million of loss in the fourth quarter
- Occidental Petroleum remains in £790 million of loss in the fourth quarter.
- The U.S. company says it generated £2.96 billion of total sales in fiscal Q4.
- Occidental Petroleum refinanced £1.42 billion in debt in the recent quarter.
Occidental Petroleum Corp. (NYSE: OXY) said on Monday that it remained in loss in the fiscal fourth quarter. It was the sixth consecutive quarter in which the oil and gas company reported loss. Much like its peers, Occidental also blamed the ongoing Coronavirus pandemic for its dovish performance in Q4.
Occidental Petroleum’s shares were reported about 1.5% down in extended trading on Monday. Including the price action, the stock is now exchanging hands at £18.41 per share versus a low of £6.32 per share in the last week of October 2020. Learn more about why do prices rise and fall in the stock market.
Occidental’s Q4 financial results versus analysts’ estimates
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Occidental Petroleum said that it concluded the fourth quarter with £790 million of loss. In the comparable quarter of last year, it had posted a slightly lower £740 million of loss. On a per-share basis, the U.S. firm lost £1.0 in the recent quarter versus the year-ago figure of £1.07. The company also blamed a Permian Basin production region divestiture for the weak pre-tax earnings.
Occidental said on Monday that it lost 55.47 pence per share in Q4 on an adjusted basis. The Houston-based company said that it generated £2.96 billion of total sales in the fourth quarter – a decline from £4.72 billion in the same quarter last year.
According to FactSet, experts had forecast the company to record £3.07 billion of sales in the recent quarter. Its adjusted per-share earnings were also weaker than expected in Q4. In separate news from the U.S., Starboard Value Acquisition Corp said on Sunday that it was discussing a £2.42 billion merger deal with Cyxtera Technologies.
Other prominent figures in Occidental’s earnings report
Other prominent figures in Occidental’s earnings report on Monday include asset sales worth £1.71 billion that it completed in the fourth quarter. The hydrocarbon explorer also refinanced £1.42 billion in debt.
Its realised crude-oil prices, as per the American company, jumped 5% to £28.99 from the fiscal third quarter. In 2020 as a whole, Occidental saw a loss of £10.55 billion. Occidental’s earnings report comes only weeks after its peer, Exxon Mobil, swung to a net loss of £14.68 billion in Q4.
Occidental Petroleum performed largely downbeat in the stock market last year with an annual decline of close to 55%. At the time of writing, the New York-listed company is valued at £17.53 billion.