HOUSTON, Texas — Occidental Petroleum has announced its fourth quarter and 2019 results.
According to the release, Oxy reported a fourth quarter net loss of $1.3 billion.
Income for the fourth quarter amounted to $921 million, which surpassed the previous quarter's income by $700 million.
The company also reports it produced about 1,402,000 barrels of oil equivalent each day.
Oxy also acquired Anadarko Petroleum in 2019 for a total of $38 billion.
"The integration of our combined businesses is progressing extremely well and faster than expected as evidenced by our outstanding operational performance and we are ahead of schedule in capturing value from our $2 billion synergy program,” said President and Chief Executive Officer Vicki Hollub.
“We are advancing toward achieving our divestiture target of $15 billion and repaid $7 billion of debt within five months of closing the Anadarko acquisition. Deleveraging and returning excess free cash flow to shareholders remain key priorities, and we are highly confident in our ability to achieve both."
