HOUSTON, Feb 22 (Reuters) – Occidental Petroleum Corpposted a larger-than-expected loss of $731 million onMonday on an asset sale in the Permian Basin.
The company reported fourth quarter financial results onMonday after the market close.
The U.S. producer’s average daily production for the fourthquarter was 1.14 million barrels of oil equivalent per day, downfrom 1.4 million barrels per day the year prior.
Occidental forecast the current quarter’s oil and gasproduction would shrink about 4%, mostly due to output lossesduring the recent winter storm in Texas.
It projected a $225 million profit from chemicals andforecast pipeline and marketing losses would widen to a range ofbetween $135 million and $185 million.
Occidental reiterated that its capital spending would bearound $2.9 billion this year.(Reporting by Jennifer HillerEditing by Sonya Hepinstall)
