- Occidental Petroleum (NYSE:OXY) says Q3 profit fell at the California oil producer it will spin off to shareholders next month, as crude oil prices slid and production costs increased.
- California Resources Corp., as the unit will be known when it becomes a stand-alone company, reports Q3 net income of $188M vs. $235M in the year-ago quarter.
- Oil wells in California accounted for ~20% of OXY’s worldwide output last year and 17% of the capital budget.
- OXY will report Q3 full-company results tomorrow.