Occidental Petroleum Gushes Red in Q2 as Low Oil Prices Torpedo Its Results
The second quarter was a horrendous one for the energy sector as crude oil prices and demand cratered because of COVID-19. Those brutal market conditions had a significant impact on Occidental Petroleum’s (NYSE:OXY) second-quarter results. Overall, the oil giant lost an eye-popping $8.4 billion, or $9.12 per share, fueled in part by a massive writedown. Even without those impairment charges, the company still posted a steep loss.
But on a more positive note, the oil company did make some progr…
