U.S oil and gas firm, Occidental, has recorded a net loss of US$346 million for the first quarter of 2021 compared to a net loss of US$1.3 billion of the fourth quarter of 2020.

Oxy posted an adjusted loss of US$136 million for the first quarter of 2021 compared to an adjusted loss of US$610 million of the fourth quarter of 2021.

The First quarter after-tax items affecting comparability of US$210 million included US$445 million loss in discontinued operations related to Ecuador and Ghana and US$106 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases, partially offset by US$293 million of net derivative gains and a US$79 million gain on the sale of 11.5 million limited partner units in Western Midstream Partners, LP (WES).

“Our first quarter results are a perfect example of how our ability to consistently deliver strong operational performance has strengthened our financial position. Our commitment to capital discipline contributed to first quarter free cash flow of US$1.6 billion,” said President and Chief Executive Officer Vicki Hollub in a statement.

“Occidental is well positioned to continue to use excess cash flows, coupled with asset sales proceeds, to reduce debt and other financial obligations,” he said.

Source: www.energynewsafrica.com

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