Houston’s Occidental Petroleum suffered decreased losses in the third quarter, but it was still $3.8 billion even after a $2.4 billion write-down on falling equity in its Western Midstream Partners.
Occidental’s quarterly report indicated the company slashed its losses by more than half compared to the second quarter loss of $8.4 billion. A year ago, the company’s third quarter loss was $912 million.
The $3.8 billion loss amounted to $4.07 per diluted share for investors and an adjusted loss of $783 million or 84 cents a share.
The company reported indicated that its oil and gas pre-tax loss on continuing operations for the third quarter was $1.1 billion, compared to a pre-tax loss of $7.7 billion for the second quarter of 2020. The third quarter results included pre-tax losses of $795 million associated with the announced divestitures of onshore Colombia and mineral and surface acreage in Wyoming, Colorado and Utah.
Click here to read Occidental report.
