February 12, 2019 / 9:22 PM / 5 months ago

Occidental Petroleum adjusted profit surges

Feb 12 (Reuters) - Oil and gas producer Occidental Petroleum Corp reported a jump in quarterly adjusted profit on Tuesday, helped by higher output from its Permian basin assets.

The company’s adjusted profit rose to $922 million, or $1.22 per share, in the fourth quarter ended Dec. 31 from $313 million, or 41 cents per share, a year earlier.

Occidental recorded impairment charges on its Qatar assets of $220 million.

Average production was up about 13 percent at 700,000 barrels of oil equivalent per day (boe/d). (Reporting by Debroop Roy in Bengaluru; Editing by Anil D’Silva)

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