(Reuters) – Occidental Petroleum reported a fourth-quarter loss on Tuesday, as the oil and gas firm was hurt by environmental liability and lower prices.
Average Brent crude futures fell in the fourth quarter, compared with a year earlier, hurt by concerns about demand from China’s slowing economy and as OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026, highlighting weak demand.
The company said quarterly average realized price, for oil, was down at $69.73 per barrel, compared with $78.85 per barrel a year earlier.
Last month, the U.S. shale producer had flagged that it received lower prices for its oil produced in the fourth quarter.
The company also said its earnings were hurt by a long-term environmental liability increase based on a recent federal court ruling.
The company reported a loss of $297 million for the quarter ended December 31, compared with a profit of $1.03 billion from a year earlier.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Anil D’Silva)
Comments