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By Denny Jacob
Occidental Petroleum recorded declining results in its top and bottom lines, though they came in above analysts’ estimates.
The oil-and-gas producer posted net income attributable to common shareholders of $1.16 billion, or $1.20 a share, for the third quarter, down from $2.55 billion, or $2.52 a share, a year earlier. Adjusted earnings were $1.18 a share, above analysts’ estimates of 88 cents a share.
Sales declined to $7.4 billion from $9.5 billion. Analysts polled by FactSet expected $7.05 billion.
In a separate announcement, Occidental said the company and BlackRock will form a joint venture to develop Stratos, a direct air capture facility.
Write to Denny Jacob at [email protected]
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