From Barchart: 2024-11-13 07:48:00

Occidental Petroleum (NYSE:OXY) saw a drop in profits from core oil and gas operations in Q3, but strong group-wide earnings offered optimism. Worldwide crude oil prices fell by 6% to $75.33 per barrel, while natural gas liquids prices dropped by 4% to $20.47. Operating profit from oil and gas operations decreased by 25% to $1.2 billion.

The company faced a $572 million hit from losses related to asset sales, but used $970 million in proceeds to reduce debt. Occidental’s long-term debt decreased to $25.46 billion, nearing their 90% repayment target after a $4 billion reduction. The debt decrease was supported by the $12 billion CrownRock acquisition.

Occidental’s chemicals unit reported a $304 million profit, down from $373 million in the same quarter last year. The midstream division saw relief from derivatives gains and a $490 million sale of shares in Western Midstream Partners. Challenges persist in the industry amidst declining prices.



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