Occidental Petroleum quarterly earnings down 48%, misses estimates

Occidental Petroleum reported 1Q19 earnings that fell short of analyst estimates, falling 48% to $1.1bn YoY as global economic growth concerns led to a decline in oil prices. Occidental almost doubled capital spending in 1Q19 from a year earlier to $1.5bn, and cash flow from operations before working capital fell 24% to $3.2bn. Despite earnings decline, first quarter oil and gas daily production output rose to 1.22 million barrels from 1.08 million YoY, helped by higher production from its Permian operations. Shares fell 1.6% in late trading to $58.03.