Occidental Petroleum Q2 operating cash flow $800 million
Staff Writer |
Occidental Petroleum Corporation announced that operating cash flow from continuing operations for the second quarter of 2016 was more than $800 million, with total cash on the balance sheet at June 30, 2016, of $3.8 billion.
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The company reported a loss of $139 million or $0.18 per diluted share for the second quarter of 2016.
President and CEO Vicki Hollub said, "Total company production for on-going operations increased to 609,000 BOE per day from 590,000 BOE per day in the first quarter. The increase was driven by record production in Abu Dhabi and Oman.
"We continued to see further operating and capital efficiency gains during the quarter as our ‘Total Spend Per Barrel’ metric improved more than 3 percent sequentially and 37 percent year-over-year.
"This progress is largely due to executing our capital and operating efficiency initiatives and well productivity improvements, which should translate into full-year production growth at the high end of our 4 to 6 percent guidance, while staying within this year’s capital budget of $3 billion.
"We ended the second quarter with $3.8 billion in cash, which is nearly $600 million more than the previous quarter and includes the final payment from the settlement with Ecuador.
"Our strong balance sheet provides us with the flexibility to pursue attractive opportunities, including reinvesting in the business, while allowing us to deliver on our commitment of returning cash to our shareholders.
"As announced last month, Oxy’s Board authorized an increase of the company’s dividend to an annual rate of $3.04 per share. The increase reflects our confidence in the company’s financial strength, strong performance and future prospects." ■
Under an intense surge of arctic air, Friday morning will begin with the coldest temperatures so far this season across much of the central and eastern U.S. with blustery conditions and a piercing wind chill.