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Occidental Petroleum swings to loss in Q3


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Occidental Petroleum swings to loss in Q3

Occidental Petroleum Corp. said its third-quarter normalized net income amounted to a loss of $2.49 per share, compared with the S&P Capital IQ consensus estimate of a loss of 1 cents per share.

The per-share result swung to a loss from the prior-year profit of $1.36.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.90 billion, compared with income of $1.06 billion in the year-earlier period.

The normalized profit margin declined to negative 61.0% from 21.6% in the year-earlier period.

Total revenue fell 36.5% year over year to $3.12 billion from $4.90 billion, and total operating expenses grew 87.4% from the prior-year period to $6.20 billion from $3.31 billion.

Reported net income totaled a loss of $2.60 billion, or a loss of $3.41 per share, compared with income of $995.5 million, or $1.28 per share, in the year-earlier period.