Shale Giant Occidental Petroleum Reports Major Loss In Q2

Occidental Petroleum reported a net loss of $8.4 billion for the second quarter of the year, becoming the latest oil company to suffer the combined effect of low oil prices and low demand caused by the Saudi price war and the coronavirus pandemic. Like most other oil companies, Oxy booked impairment charges in Q2 on its oil and gas assets because of the slump in oil prices. These came in at $6.6 billion. Of this, $5.2 billion in impairments was booked on continuing operations and the remainder on discontinued operations. After last year finalizing…