Oxy Petroleum little changed after mixed Q4 results

Feb. 27, 2020 5:22 PM ETOccidental Petroleum Corporation (OXY)OXYBy: Carl Surran, SA News Editor56 Comments
  • Occidental Petroleum (NYSE:OXY) +0.2% after-hours after reporting a larger than expected Q4 loss but a 41% Y/Y increase in revenues.
  • On an unadjusted basis, Occidental reported a Q4 net loss of $1.34B, including charges of ~$1B related to the company's Western Midstream stake sale and $656M in severance and other costs stemming from the Anadarko deal, compared with a $706M profit in the year-earlier quarter.
  • Q4 total production volume roughly doubled to 1.4M boe/day, exceeding the midpoint of guidance by 78K boe/day, from 700K boe/day a year ago; Permian Basin production of 476K boe/day topped the midpoint of guidance by 22K boe/day.
  • "We are advancing toward achieving our divestiture target of $15B and repaid $7B of debt within five months of closing the Anadarko acquisition," President and CEO Vicki Hollub says.

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