Eighth quarterly profit in a row
By Richard Rostad, analyst, Oil & Gas 360

Occidental Petroleum (ticker: OXY) reported Q4 results and reserves today, showing $706 million in net income, or $0.93 per share.

Oxy earned a total of $4.1 billion in 2018, significantly improved from the $1.3 billion the company earned in 2017. This quarter marks the eighth consecutive profit for Oxy, after the firm lost money for nine quarters during the downturn.

Oxy produced 700 MBOEPD in Q4, up from 681 MBOEPD in Q4. Unconventional Permian development is the heart of the company’s operations with output rising to 250 MBOEPD, representing 11% sequential growth and 57% year-over-year expansion.

Oxy plans to spend $4.5 billion in 2019, the vast m...

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