Crude oil prices rise, Occidental Petroleum's losses narrowed

According to a report from Energy World.

The company, like many of its peers, benefited from the rebound in oil prices, which rose by about 23% in the first quarter of this year.

The oil and gas producer said that its common stockholders for the quarter ended in March had an adjusted loss of $136 million, or 15 cents per share, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.

According to data from Refinitiv, analysts had expected a loss of 33 cents per share.

The company’s crude oil price in the first quarter was approximately US$55.

The company’s chief executive Vicki Hollub said in a statement that Occidental Petroleum is fully capable of continuing to use excess cash flow, coupled with the proceeds from the sale of assets, to reduce debt and other financial burdens.

However, the daily output of continuously produced oil and natural gas fell to 1.

Occidental Petroleum had warned in February that winter storm Uri would sweep through the central and southern states of the United States in mid-February.

　　The company's oil and gas production business lost $62 million in the quarter, compared with a pre-tax profit of $179 million in the same period last year.

　　The pre-tax income of the chemical industry in the first quarter was US$251 million, which was higher than the US$186 million in the same period last year.

　　In the first quarter of this year, midstream and marketing revenue was pre-tax of US$282 million, while last year’s impairment loss was US$1.

　　On Monday, Occidental Petroleum shares closed at $26.

　　Hao Fen Translated from Energy World Network

　　The original text is as follows:

　　Occidental Petroleum loss narrows as crude prices rebound

　　Occidental Petroleum Corp on Monday beat Wall Street expectations as it posted a smaller first-quarter adjusted loss than the year prior, boosted by higher crude prices and profits in chemicals and marketing.

　　The company, like many of its peers, has benefited from a rebound in oil prices, up about 23per cent in the first quarter, as global fuel demand recovered after being decimated in 2020 by lockdowns to curb the spread of COVID-19.

　　The oil and gas producer said adjusted loss attributable to common stockholders was $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.

　　Analysts had expected a loss of 33 cents per share, according to Refinitiv.

　　The company sold its crude oil for around $55.
65 per barrel in the first quarter, up from $47.
08 per barrel for the same period in 2020.

　　"Occidental is well positioned to continue to use excess cash flows, coupled with asset sales proceeds, to reduce debt and other financial obligations," Chief Executive Vicki Hollub said in a statement.

　　However, total production from continuing operations fell to 1.
12 million barrels of oil and gas per day, from fourth quarter's 1.
14 million barrels.

　　Occidental had warned in February about a hit from Winter Storm Uri that swept across US central and southern states in mid-February.

　　The company's oil and gas production business lost $62 million for the quarter compared with a pre-tax gain of $179 million the year before.

　　Chemicals had pre-tax income of $251 million for the first quarter, up from $186 million the year prior.
Improved pricing was partially offset by storm interruptions and an increase in the cost of ethylene and power, the company said.

　　Midstream and marketing income for the first quarter of 2021 was $282 million pre-tax, compared with a $1.
3 billion loss last year on impairment charges.

　　Occidental shares closed at $26.
63 on Monday, down 2.
8per cent.