October 15, 2019 / 12:39 PM / a month ago

Occidental estimates higher third-quarter production on Permian boost

FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

(Reuters) - Oil and gas producer Occidental Petroleum nudged its estimate for third-quarter production higher on Tuesday, helped by fewer shutdowns in Colorado’s DJ basin and strong performance in its Permian Resources unit.

The shale producer, which completed the purchase of rival Anadarko Petroleum in August, now expects production from continuing operations to be 1.1 million to 1.12 million barrels of oil equivalent (boe) per day.

The company’s initial forecast for combined pro-forma production from continuing operations was between 1.3 and 1.4 million boe per day but, adjusting for the close of the merger, it later lowered that to between 1.06 million and 1.10 million boe per day.

Houston, Texas-based Occidental also said www.sec.gov/ix?doc=/Archives/edgar/data/797468/000114036119018395/form8k.htm it expects third-quarter domestic onshore realized prices to be $54.00 per barrel for oil and $1.20 per thousand cubic feet for natural gas.

Occidental’s merger with Anadarko closed on Aug. 8. The company is scheduled to report third-quarter results on Nov. 4.

Reporting by Shariq Khan and Arundhati Sarkar in Bengaluru; Editing by Sriraj Kalluvila

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