Occidental Petroleum missed second-quarter profit expectations due to slide in oil and gas prices, sending the shares of the U.S. producer down about 3% in extended trading on Wednesday.
missed second-quarter profit expectations due to slide in oil and gas prices, sending the shares of the U.S. producer down about 3% in extended trading on Wednesday.
Oil and gas prices soared last year in the wake of Russia's invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges. The lower oil prices were still lucrative for oil producers and Occidental's production in the quarter rose to 1.22 million barrels of oil equivalent per day from 1.15 million boepd a year earlier.
Results were also impacted by impairment charges related to the Powder River Basin, where Occidental has determined not to pursue future exploration and appraisal activities.
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