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Occidental Petroleum Q4 loss narrows YOY

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Occidental Petroleum Q4 loss narrows YOY

Occidental Petroleum Corp. said its normalized net income for the fourth quarter was a loss of 48 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 3 cents per share.

The per-share loss narrowed 63.8% year over year from $1.33.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $367.5 million, compared with a loss of $1.01 billion in the prior-year period.

The normalized profit margin increased to negative 13.2% from negative 36.1% in the year-earlier period.

Total revenue came to $2.79 billion, compared with $2.81 billion in the prior-year period, and total operating expenses declined 24.2% year over year to $3.37 billion from $4.45 billion.

Reported net income totaled a loss of $267.4 million, or a loss of 35 cents per share, compared with a loss of $5.50 billion, or a loss of $7.21 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of $1.32 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 90 cents.

EPS was a loss of $3.56 in the prior year.

Normalized net income was a loss of $1.01 billion, compared with a loss of $2.73 billion in the prior year.

Full-year total revenue fell from the prior-year period to $10.09 billion from $12.48 billion, and total operating expenses decreased year over year to $11.70 billion from $17.02 billion.

The company said reported net income came to a loss of $1.00 billion, or a loss of $1.31 per share, in the full year, compared with a loss of $8.15 billion, or a loss of $10.64 per share, the prior year.