Occidental Petroleum Continued to Gush Red in Q3
Occidental Petroleum (NYSE: OXY) reported a massive $3.8 billion loss for the third quarter. While the continued weakness in oil prices played a role, the primary culprit was its high priced and ill-timed acquisition of Anadarko Petroleum. Overall, the company wrote down $3.1 billion in assets during the quarter, including another $2.4 billion of equity in Anadarko's former MLP Western Midstream Partners (NYSE: WES).
On a more positive note, the company performed well operationally during the quarter and progressed with its strategic plan. Here's a closer look at the quarter.
Image source: Getty Images.
Source Fool.com
