Profit of Occidental Petroleum fell by 48% – Kommersant

In the face of declining energy prices, the profit of the American oil and gas company Occidental Petroleum in the first quarter fell to $1.1 billion, or 48% compared to the same period last year. Earnings fell even as Occidental Petroleum increased production from 1.08 million barrels per day to 1.22 million barrels during the reporting period.

Other indicators of the American company, in which 24% of the shares are owned by billionaire Warren Buffett, also decreased. Revenue fell 13% to $7.26 billion. Oil and gas pre-tax earnings fell 36% to $1.6 billion. However, the company bought back $752 million worth of shares from shareholders as part of a $3 annual repurchase program. billion and slightly raised the forecasts of oil production until the end of the year. In an interview on Saturday, Warren Buffett said that he was not going to buy Occidental Petroleum entirely, but he was quite pleased with his investment in this company. Shares of Occidental Petroleum fell almost 1.5% after the publication of financial statements.

Alena Miklashevskaya