Occidental Petroleum Profit Beats Expectations As Production Jumps
Oct 23 (Reuters) - Occidental Petroleum Corp posted a better-than-expected quarterly profit on Thursday as U.S. oil production jumped.
The company posted third-quarter net income of $1.21 billion, or $1.55 per share, compared with $1.58 billion, or $1.96 per share, in the year-ago period.
Analysts expected earnings of $1.57 per share, according to Thomson Reuters I/B/E/S.
Daily average production in the U.S. rose by 20,000 barrels to 282,000 barrels. International daily average production fell by 11,000 barrels to 291,000 barrels, largely due to Libyan port strikes.
(Reporting by Ernest Scheyder, Editing by Franklin Paul)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Exxon, Chevron and Occidental Join Oil and Gas Climate Group (Sep 20)
- Permian Producer Occidental Raises CAPEX Budget, Investors Balk (Aug 09)
- Oil Boom Bottleneck Costs Permian Investors $1B a Day (Jun 07)