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Occidental Petroleum reports Q3 $70 million loss from Harvey

Staff Writer |
Occidental Petroleum Corporation nnounced third quarter 2017 business impacts of Hurricane Harvey as operations have returned to pre-storm levels.

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Overall, the storm caused minimal disruptions to operations and Occidental expects this one-time financial and production impact to be limited to the third quarter.

The company experienced Hurricane Harvey business impacts within the Chemicals, Midstream and Permian Resources segments.

Some Chemicals and Midstream operations suspended operations along the Gulf Coast, while Permian Resources encountered third-party disruptions, impacting production due to gas processing and NGL delivery.

“We are very proud of our team’s efforts to safely enact our business continuity plans across impacted assets and manage our business during and after the storm,” said president and CEO Vicki Hollub.

“We remain on track and continue along our pathway to break even at $50 after dividend and production growth and our long-term, returns-focused value proposition.”


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