Occidental Petroleum misses quarterly profit estimates
2023.05.09 17:00
© Reuters. FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File Photo
(Reuters) -Oil and gas producer Occidental Petroleum Corp (NYSE:)’s first-quarter profit missed analysts’ estimates on Tuesday, as oil prices eased amid concerns of a slowdown in global economic growth.
Global oil prices pulled back during the reported quarter from the peaks reached last year following Russia’s invasion of Ukraine.
averaged $81.24 a barrel in the first three months of 2023, 20% lower than year-ago levels as concerns rose over the health of the global economy amid the recent banking crisis in the U.S. and China’s weaker-than-estimated economic recovery.
The Houston-based company posted adjusted earnings of $1.09 per share for the quarter, compared with analysts’ estimates of $1.24 per share, according to Refinitiv data.
Occidental, which is backed by billionaire investor Warren Buffett’s Berkshire Hathaway (NYSE:) Inc, said its production during the first quarter rose to 1.22 million barrels of oil equivalent per day (boepd) from 1.08 million boepd a year earlier, helped by higher production from Permian.
