In the third quarter of 2021, US producer Occidental Petroleum Corp. posted results that exceeded expectations as commodities prices bounce back from the coronavirus pandemic.
Profit was more than doubled, to USD836 million while the earnings per share (EPS) hit 65 cents.
Adjusted earnings were 87 cents/share in comparison to the loss of USD4.07/share it posted in the third quarter of 2020. The earnings were higher than the predictions for 66 cents/share.
Occidental’s positive results help the company to cut its debt and strengthen its balance sheet. In the quarter, it repaid USD4.3 billion of long-term debt so now only USD30.92 billion is left.
Moving forward, the company estimated its oil and gas output to be between 1.13-1.16 million bpd, flat to slightly lower than the third quarter. In the Permian Basin, the output would range between 472,000 to 482,000 bpd, lower than the latest quarter’s 499,000 bpd.
For the current quarter, Occidental predicted that its pre-tax profit would hit USD480 million.
