Occidental Petroleum posts fourth straight quarterly loss on $6.6 billion writedown

(Reuters) - Occidental Petroleum Corp on Monday posted its fourth straight quarterly loss as it recorded a $6.6 billion impairment charge, largely to write down the value of its oil and gas properties following a crash in crude prices.

Net loss attributable to common stockholders was $8.35 billion, or $9.12 per share, in the second quarter, compared with earnings of $635 million, or 84 cents per share, a year earlier.

Average production of 1.41 million barrels of oil equivalent per day (boepd), exceeded the midpoint of its guidance by 36,000 boepd during the period.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)

08/10/2020 20:25

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