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Occidental posts big Q2 loss after booking $6.6B in charges

Aug. 10, 2020 5:28 PM ETOccidental Petroleum Corporation (OXY)OXYBy: Carl Surran, SA News Editor33 Comments
  • Occidental Petroleum (NYSE:OXY) -5.3% after-hours as the company takes a large Q2 loss, booking $6.6B in impairment charges after the collapse in energy prices slashed the value of its assets.
  • The company posted a GAAP loss of $8.35B, compared with a profit of $635M for the same period last year, making it the latest large oil company to either take or warn of massive writedowns after energy markets collapsed in the quarter.
  • Occidental also booked $1.58B from tax refunds during the quarter, which helped reduce its operating loss.
  • Occidental says its Q2 average realized domestic gas price fell 24% Q/Q to $0.90/Mcf, average realized natural gas liquids price fell 39% to $7.79/bbl, and its realized oil price plunged 51% to $23.17/bbl.
  • Q2 total revenues fell by more than a third from the year-earlier period to $2.93B, well short of consensus estimates.

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