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MarketScreener Homepage  >  Equities  >  Nyse  >  Occidental Petroleum Corporation    OXY

OCCIDENTAL PETROLEUM CORPORATION

(OXY)
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Occidental Records 2Q Loss Amid Impairments As Pandemic Weighs On Oil Demand

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08/10/2020 | 05:08pm EDT

By Micah Maidenberg

Occidental Petroleum Corp. recorded $6.6 billion in impairment charges for the second quarter, driving up losses at the oil producer, which is grappling with the effects of the Covid-19 pandemic on global crude markets.

The company posted a net loss of $8.35 billion, or $9.12 a share, for the second quarter, compared with a profit of $635 million, or 84 cents a share, for the same period last year.

Occidental on Monday said the impairments included $5.2 billion for continuing operations for its oil and gas businesses, and $1.4 billion in operations it has classified as discontinued.

"Second quarter results were impacted by the steep decline in oil prices due to the continued significant drop in oil demand as governments around the world implemented measures to contain the spread of Covid-19," Occidental said regarding its oil and gas unit.

The adjusted loss for the quarter was $1.76 a share, worse than the $1.68 a share loss analysts expected..

Total revenue fell, year over year, to $2.98 billion from $4.48 billion.

Occidental has been cutting costs and in July raised $2 billion in senior unsecured debt and completed a debt-tender offer to retire $2 billion of debt that was scheduled to mature next year.

 

Write to Micah Maidenberg at micah.maidenberg@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 0.53% 41.8 Delayed Quote.-35.03%
OCCIDENTAL PETROLEUM CORPORATION -3.09% 11.29 Delayed Quote.-71.73%
WTI -0.08% 39.8 Delayed Quote.-34.94%
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Financials (USD)
Sales 2020 17 534 M - -
Net income 2020 -10 363 M - -
Net Debt 2020 37 204 M - -
P/E ratio 2020 -0,98x
Yield 2020 11,8%
Capitalization 10 501 M 10 501 M -
EV / Sales 2020 2,72x
EV / Sales 2021 2,42x
Nbr of Employees 14 400
Free-Float 86,0%
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Technical analysis trends OCCIDENTAL PETROLEUM CORPORATION
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 25
Average target price 15,70 $
Last Close Price 11,29 $
Spread / Highest target 166%
Spread / Average Target 39,1%
Spread / Lowest Target -38,0%
EPS Revisions
Managers
NameTitle
Vicki A. Hollub President, Chief Executive Officer & Director
Stephen I. Chazen Chairman
Robert Lee Peterson Chief Financial Officer & Senior Vice President
Avedick Baruyr Poladian Independent Director
Carlos Miguel Gutierrez Independent Director
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