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UPDATE 1-Occidental cuts capex by 48 pct; Q4 loss bigger than expected

Published 2016-02-04, 07:35 a/m
UPDATE 1-Occidental cuts capex by 48 pct; Q4 loss bigger than expected
OXY
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(Adds Q4 details, compares results with estimates)
Feb 4 (Reuters) - Occidental Petroleum Corp (N:OXY) OXY.N said its
2016 capital budget was expected to be not more than $3 billion,
nearly half its 2015 levels, and reported a bigger-than-expected
loss for the fourth quarter.
However, the company expects to grow oil and gas production
by 2-4 percent this year from ongoing operations due to a fall
in drilling and completion costs.
Total operating costs declined by nearly $2 per barrel to
$11.57 in 2015, Occidental said.
Production in the fourth quarter surged 12.6 percent to
671,000 barrels of oil equivalent per day (boepd) from a year
earlier, with the company's domestic production increase coming
mainly from its Permian shale fields.
Occidental's net loss widened to $5.18 billion, or $6.78 per
share, in the quarter ended Dec. 31, from $3.41 billion, or
$4.41 per share, a year earlier.
The company reported a core loss of 17 cents per share,
bigger than the average analyst estimate of 12 cents, according
to Thomson Reuters I/B/E/S.
Revenue more than halved to $2.84 billion.
Up to Wednesday's close of $68.13, the stock had fallen 17
percent over the past 12 months.

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