Occidental Petroleum posts quarterly net loss on Anadarko costs

(Reuters) - Oil and gas producer Occidental Petroleum Corp on Monday reported a quarterly loss, compared with a profit a year earlier, largely due to $969 million (£751.16 million) in costs related to its Anadarko Petroleum purchase. Occidental, which is battling activist investor Carl Icahn over its purchase of rival Anadarko, reported a net loss of $912 million, or $1.08 per share, in the third quarter ended Sept.

Reuters November 05, 2019 04:06:55 IST
Occidental Petroleum posts quarterly net loss on Anadarko costs

Occidental Petroleum posts quarterly net loss on Anadarko costs

(Reuters) - Oil and gas producer Occidental Petroleum Corp on Monday reported a quarterly loss, compared with a profit a year earlier, largely due to $969 million (£751.16 million) in costs related to its Anadarko Petroleum purchase.

Occidental, which is battling activist investor Carl Icahn over its purchase of rival Anadarko, reported a net loss of $912 million, or $1.08 per share, in the third quarter ended Sept. 30, compared to a profit of $1.87 billion, or $2.44 per share, a year earlier.

The Houston-based company's adjusted earnings fell to $93 million, or 11 cents per share, from $1.36 billion, or $1.77 per share, a year earlier. (https://bit.ly/2oM6RUh)

The company said daily production from legacy Occidental operations averaged 737,000 barrels of oil equivalent per day (boepd).

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)

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