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11.08.2020

Occidental posts big loss in the second quarter

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The company’s shares that are down over 60% so far this year

Stocks impacted: Occidental Petroleum Corp (OXY)

Occidental Petroleum posted its fourth straight quarterly loss in the second quarter amid lower energy prices and write-downs as the company has been trying to reduce debt amid a pandemic. The US oil producer posted a GAAP loss of $8.35 billion, compared with a profit of $635 million for the same period last year. Q2 total revenues fell by more than a third from the year-earlier period to $2.93 billion. The company expects to receive $2 billion or more in asset sales. The firm’s shares that are down over 60% so far this year fell nearly 6% in late trading.

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