Occidental Petroleum reports Q4 core EPS 41c, consensus 41c
Total average daily production volumes were 621,000 barrels of oil equivalentfor the fourth quarter of 2017, compared to 600,000 BOE in the third quarter of 2017. Permian Resources average daily production volumes improved from the prior quarter by 20,000 BOE to 159,000 BOE in the fourth quarter of 2017 due to increased drilling activity and well productivity. Average daily production for Permian EOR increased by 2,000 BOE from the prior quarter to 155,000 BOE in the fourth quarter of 2017. Oil and gas pre-tax income for the fourth quarter of 2017 was $44 million, compared to $220 million for the prior quarter. Fourth quarter income reflected non-cash charges on non-core Permian acreage of approximately $400 million, partially offset by sale gains of $64 million, while third quarter income included net gains on sales of domestic assets of $81 million. Excluding the charges and gains on sales, oil and gas income for the fourth quarter of 2017 was over $240 million higher than the third quarter, mainly due to improved crude oil and NGL prices.