The logo for Occidental Petroleum is displayed on a screen on the floor at the NYSE in New YorkMore
(Reuters) – Occidental Petroleum Corp on Tuesday reported that it swung to a loss in the first quarter on write downs, and the troubled oil producer cut its budget for the third time since March in response to the historic crash of oil prices.
It reported a net loss of $2.23 billion, or $2.49 per share, for the quarter ended March 31, compared with a profit of $631 million, or 84 cents per share, in the year-ago period.
Occidental beat Wall Street estimates for adjusted earnings. Analysts expected an adjusted loss of 63 cents, but the company reported a loss of 52 cents, according to Refinitiv.