Occidental reports income slip, enters new joint venture

Occidental Petroleum reported a $635 million quarterly profit that dipped 25 percent from the year prior, but the focus still remains on Oxy’s $38 billion acquisition of Anadarko Petroleum that could close in August.

Houston-based Oxy said it plans to close the Anadarko deal “promptly” after the scheduled Aug. 8 vote of Anadarko shareholders to approve the deal.

In a brand-new deal, Oxy said it formed a new Permian Basin joint venture with Colombia’s state-owned oil company, Ecopetrol, to develop nearly 100,000 net acres in the Permian’s Midland Basin.

To help Colombia gain expertise in shale oil development, Ecopetrol will pay Oxy $750 million up front and carry another $750 million in capital into the partnership. Oxy will operate the joint venture and own 51 percent of it.

Baker Hughes beats expectations on revenue

Houston oil field service company Baker Hughes beat Wall Street expectations on revenue but still ended up posting a $9 million loss for the second quarter.

Baker Hughes reported a $9 million loss and a loss per share of 2 cents on $5.99 billion of revenue during the second quarter.

The figures were an improvement over the $19 million loss (5 cents) on nearly $5.6 billion of revenue during the second quarter of 2018.

Baker Hughes beat Wall Street expectations on second-quarter revenue by $180 million but missed earnings per share expectations by 21 cents.

Restructuring, impairments and other similar expenses cost the company $50 million during the second quarter, while merger and separation expenses cost another $40 million.

Calpine net income dropped 24 percent

Calpine of Houston, the nation’s biggest generator of natural gas-fired electricity, reported that it earned $266 million in the second quarter ended June 30, compared to $352 million during the same quarter one year earlier.

The 24 percent drop in net income was driven primarily by higher income taxes in the most recent quarter, which were partially offset by an increase in commodity revenue and starting commercial operations in March of a 828-megawatt combined-cycle electric generating facility in Pennsylvania.

Revenue increased 15 percent during the quarter to $2.6 billion, according to Calpine, compared to $2.3 billion the year earlier.

KBR reports profit gains in line with expectations

KBR reported a $48 million profit and earnings per share of 34 cents on nearly $1.3 billion of revenue during the second quarter.

The figures marked increases from the $44 million profit and earnings per share of 31 cents on nearly $1.3 billion of revenue during the second quarter of 2018.

KBR’s second quarter earnings fell in line with Wall Street expectations for earnings per share and beat revenue expectations by $40 million. Energy projects accounted for nearly one-fourth of the company’s second quarter revenue.