Occidental posts quarterly loss on impairment, charges

(Reuters) – Occidental Petroleum Corp (OXY.N) reported a quarterly loss on Thursday, as it took more than $1.7 billion in impairment and other charges.

The oil and gas producer reported net loss attributable to shareholders of $1.34 billion, or $1.50 per share, in the fourth quarter ended Dec. 31, compared with a profit of $706 million, or 93 cents per share, a year earlier.

The quarterly results included charges related to the company’s Western Midstream stake sale as well as severance, integration and other costs stemming from the Anadarko deal.

Total average daily production volume for the fourth quarter rose to 1.4 million barrels of oil equivalent per day (boepd), compared with 700,000 boepd a year earlier. (bit.ly/2T7EiwR)

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