Occidental Petroleum Swings to 4Q Loss As Expenses Balloon

By Kimberly Chin

Occidental Petroleum Corp. (OXY) reported a loss for the fiscal fourth quarter as the company's expenses doubled.

Occidental posted a net loss of $1.34 billion, or $1.50 a share, compared with a net profit of $706 million, or 93 cents a share, a year earlier. Excluding special items, the company recorded an adjusted loss of 30 cents a share, compared with an adjusted profit of $1.22 a share, a year ago. Analysts expected an adjusted loss of 17 cents a share.

Expenses for the quarter rose to $8.15 billion from $4.07 billion a year ago.

The company's results were hurt by pre-tax costs, including about $1 billion from Occidental's investment in Western Midstream Partners LP and $673 million in merger-related costs from its Anadarko Petroleum Corp. acquisition.

Total revenue was $6.28 billion, up from $4.76 billion a year ago and slightly more than the $6.26 billion analysts had predicted.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

February 27, 2020 17:22 ET (22:22 GMT)

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