Oxy trims loss, shows signs of recovery in Q4

Houston independent producer Occidental Petroleum trimmed losses in the fourth quarter, helped by crude prices that rose as coronavirus vaccines were rolled out.

Oxy lost $1.3 billion during the final three months of 2020, down from nearly $3.8 billion in the third quarter and $8.4 billion in the second after the pandemic broke out nationally. Fourth-quarter revenue rose to $3.3 billion, compared with third-quarter revenue of about $3.3 billion and second-quarter revenue of about $3 billion.

“In the fourth quarter, our businesses again outperformed as our teams continue to leverage our technical expertise to mitigate production decline while relentlessly lowering costs,” CEO

Michael Wyke / Contributor file photo Oxy, which took on $38 billion of debt to acquire rival Anadarko six months before the pandemic, says it planned to sell off parts to help pay off the move.