Oxy posts $8.4bn loss

摘要

OCCIDENTAL Petroleum booked an $8.4 billion loss in the second quarter as the US independent reported after-tax impairments of $6.6 billion for the period. The Houston-based company posted a $635 million net profit in the year-ago period. The after-tax impairments included $5.2 billion on oil and gas continuing operations and $1.4 billion in discontinued operations. Occidental listed the pre-tax impairment charges as $4.3 billion for unproved domestic onshore acreage, $1.2 billion for proved domestic onshore and Gulf of Mexico oil and gas properties and $900 million for international assets. The company, along with other prominent shale players in the Permian basin, cut its capital spending, drew back on new drilling activity, slashed its dividend and curtailed production in response to the downturn in March.