HOUSTON — Occidental Petroleum Corp. (OXY) on Monday reported a second-quarter loss of $8.13 billion, after reporting a profit in the same period a year earlier.
The Houston-based company said it had a loss of $9.12 per share. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to $1.76 per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of $1.66 per share.
The oil and gas exploration and production company posted revenue of $2.98 billion in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $3.89 billion.
Occidental shares have declined 60% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 4%. In the final minutes of trading on Monday, shares hit $16.48, a decline of 65% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OXY at https://www.zacks.com/ap/OXY