Occidental Petroleum posts loss on asset sale

HOUSTON (Reuters) – Occidental Petroleum Corp posted a larger-than-expected loss of $731 million on Monday on an asset sale in the Permian Basin.

The company reported fourth quarter financial results on Monday after the market close.

The U.S. producer’s average daily production for the fourth quarter was 1.14 million barrels of oil equivalent per day, down from 1.4 million barrels per day the year prior.

Occidental forecast the current quarter’s oil and gas production would shrink about 4%, mostly due to output losses during the recent winter storm in Texas.

It projected a $225 million profit from chemicals and forecast pipeline and marketing losses would widen to a range of between $135 million and $185 million.

Occidental reiterated that its capital spending would be around $2.9 billion this year.

(Reporting by Jennifer Hiller; Editing by Sonya Hepinstall)

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