Occidental: 3Q Earnings Snapshot
HOUSTON (AP) _ Occidental Petroleum Corp. (OXY) on Monday reported a third-quarter loss of $752 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Houston-based company said it had a loss of $1.08. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 11 cents per share.
The results fell short of Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 41 cents per share.
The oil and gas exploration and production company posted revenue of $5.87 billion in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $5.69 billion.
Occidental shares have dropped 28% since the beginning of the year, while the Standard & Poor’s 500 index has increased 23%. In the final minutes of trading on Monday, shares hit $44.23, a fall of 35% in the last 12 months.