Occidental Easily Beats Sales, Profit Expectations

Date : 11/05/2018 @ 5:10PM
Source : Dow Jones News
Stock : Occidental Petroleum Corp. (OXY)
Quote : 72.85  -0.53 (-0.72%) @ 2:15PM

Occidental Easily Beats Sales, Profit Expectations

Occidental Pet (NYSE:OXY)
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   By Micah Maidenberg 
 

Occidental Petroleum Corp. (OXY) reported third-quarter profits of $1.87 billion, or $2.44 a share, a performance that was helped along by stronger crude prices, production and a gain from a major asset sale.

Profits in the quarter increased tenfold from a year ago. Analysts surveyed by FactSet expected the firm to make $1.50 a share. On an adjusted basis, Occidental said it earned $1.77 a share, beating expectations of $1.53 a share.

Sales surged 74% to $5.22 billion compared with the third quarter in 2017. Analysts expected $4.58 billion.

Average daily production volumes of oil and gas rose 14% to 681,000 barrels of oil equivalent in the third quarter. The company said its shale-drilling business in the Permian Basin region of Texas and New Mexico increased production 60% compared to last year to 225,000 barrels of oil equivalent.

The energy producer said its average realized crude oil sale price around the world was $62.67 per barrel in the quarter, up from $46.19 a year ago.

Occidental said Monday afternoon its profit results included an approximately $700 million after-tax gain on the sale of midstream assets in the U.S.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

November 05, 2018 16:55 ET (21:55 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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