- Occidental Petroleum (NYSE:OXY) -0.4% after-hours as Q3 earnings of $0.11/share may not be comparable to the $0.45 analyst consensus and revenues fell 5% Y/Y to $5.87B.
- On an unadjusted basis, OXY reported a Q3 loss of $912M, or $1.08/share, vs. a year-ago profit of $1.8B, or $2.44/share, due to $969M in Anadarko merger-related transaction costs and debt financing fees as well as $325M in oil and gas impairment charges.
- OXY says Q3 production rose 70% Y/Y to 1.15M boe/day, including legacy Anadarko continuing operations production of 377K bbl/day; production from OXY's legacy operations was roughly flat at 737K boe/day vs. 741K boe/day in the year-ago period, but Permian resources production jumped 33% and 4% Q/Q to 300K boe/day, citing improved well performance and development activity.
- Q3 lease operating costs fell 12% Q/Q to $9.26/boe from $10.55/boe, due to lower plant and downhole maintenance costs.
- OXY pledges to slash spending by 40% next year to $5.4B, down from the pro forma $9B the merged companies would have spent, according to a slide presentation; Permian Basin spending is seen cut in half to $2.2B.