Occidental loses almost $4 billion in third quarter
HOUSTON, Texas (KOSA) - Houston-based Occidental Petroleum Corp. posted a $3.8 billion loss for the third quarter.
The loss is bigger-than-expected and is mainly blamed both on the plunge in crude oil prices due to the COVID-19 crisis – and the acquisition of Anadarko Petroleum right before the crash, according to multiple published reports.
Occidental added another 15 wells in the Permian this year and one rig in the DJ, according to David Deckelbaum, an equity analyst at Cowen and Company.
Occidental Petroleum shares plunged about 4% to $11.75 in after-hours trading Monday. The stock is down around 70% so far this year.
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