Occidental Petroleum beats quarterly profit, discloses additional divestments
The company's quarterly average global production was at 1.4 million barrels of oil equivalent per day (MMboepd), compared with 1.26 MMboepd a year earlier.
Last week, oil majors Exxon Mobil (XOM.N), opens new tab and Chevron (CVX.N), opens new tab reported a quarterly profit beat as higher prices helped them offset lower crude prices.
Occidental disclosed $950 million of additional divestitures since the start of the second quarter, of which $370 million has already closed.
The company reported an adjusted profit of 39 cents per share for the quarter ended June 30, compared with analysts' average estimate of 29 cents, according to data compiled by LSEG.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
18 minutes ago
- Reuters
Trump aiming for IPOs of Fannie Mae, Freddie Mac this year, WSJ reports
Aug 8 (Reuters) - U.S. President Donald Trump's administration is preparing for the initial public offerings of mortgage finance giants Fannie Mae and Freddie Mac later this year, the Wall Street Journal reported on Friday, citing people familiar with the matter. The plans under discussion could value the companies at roughly $500 billion or more combined, and could fetch $30 billion in a share sale, the report said, citing people familiar with the matter. The move would mark a key milestone for the companies, which have been under federal conservatorship since 2008. Fannie and Freddie were created by the Congress to support the housing market by ensuring affordable mortgage financing, but crumbled after being severely bruised during the financial crisis. They were bailed out with taxpayer funds, and the Department of Treasury received preferred shares in return, which paid billions of dollars in dividend over the years. Over the years, efforts to return them to private control have continued, including under Trump's first term, but have failed to get traction. Fannie and Freddie buy mortgages from lenders, holding them in their portfolios or bundling them into mortgage-backed securities for sale. The cash, lenders receive from these sales, fuels more lending, helping ensure a steady supply of mortgage financing for homebuyers, apartment investors and other multifamily property purchasers. By converting mortgages into MBS and guaranteeing payment of principal and interest, Fannie and Freddie lure investors into the secondary mortgage market, increasing the funds available for housing. With Trump back in the White House, hopes have resurfaced that their long-pending privatization could finally be completed. Billionaire investor Bill Ackman, who has held stakes in Fannie and Freddie for more than a decade, said last year he was counting on Trump to finish the job. However, any unwinding of the government's could be complex, given the trillions in mortgages the companies guarantee. Trump also said in May that he would retain an oversight role over the companies even if they went public. Fannie and Freddie did not immediately respond to Reuters requests for comment on the WSJ report. Their shares rose 21% each, hitting their highest in more than a month. Both trade over the counter. Trump met the CEOs of Citigroup (C.N), opens new tab and Bank of America (BAC.N), opens new tab earlier this week to discuss the administration's plans to privatize the mortgage giants, Reuters had reported earlier.
Reuters
21 minutes ago
- Reuters
Macro Matters: US labor data 'is as accurate as it ever was'
Investors have been asking if they can trust U.S. economic data, after the jobs numbers for May and June were revised down by a massive 258,000 jobs and President Trump responded by firing the head of the Bureau of Labor Statistics. Mark Fleming of First American told Reuters response rates to the Bureau's surveys have been falling, but that doesn't mean the numbers can't be trusted.
Reuters
an hour ago
- Reuters
Brazil's Petrobras sees low chances of extra dividends this year
SAO PAULO/RIO DE JANEIRO, Aug 8 (Reuters) - Brazilian state-run oil giant Petrobras sees a low probability of paying extraordinary dividend this year, Chief Financial Officer Fernando Melgarejo said on Friday, citing lower revenues after a drop in global oil prices. Melgarejo added that the firm is not considering changes to its ordinary dividend policy. Petrobras on Thursday announced dividends and interest on equity to shareholders of 8.66 billion reais ($1.60 billion) as it reported a swing to a second-quarter net profit of 26.7 billion reais. ($1 = 5.4217 reais)
