(AOF) – U.S. oil and gas company Occidental Petroleum reported net income attributable to common shareholders for the third quarter of 2022 of $2.5 billion, or $2.52 per share versus $3.6 billion and 3, $47 a share, a year earlier. Its adjusted earnings attributable to these shareholders amounted to $2.5 billion, or $2.44 per share. Consensus was higher at $2.46 per share.
Oil and gas pretax profit from continuing operations for this quarter was $3.3 billion, compared to pretax profit of $4.1 billion for the second quarter of 2022.
For the third quarter of 2022, average WTI and Brent marker prices were $91.55 per barrel and $97.59 per barrel, respectively. Average realized world crude oil prices fell about 12% from the previous quarter to $94.89 per barrel.
The oil group indicates that “the decline in the third quarter of 2022 in oil and gas revenues compared to the second quarter of 2022 was due to lower crude oil and natural gas liquids (NGL) prices, partially offset by higher sales volumes for all raw materials”.
Chemicals’ pretax profit of $580 million for the third quarter of 2022 beat expectations at $500 million.
“The excellent operational performance of our businesses in the third quarter was a key driver of our strong financial results, allowing us to raise our full-year guidance for all of our business segments and generate cash flow. available cash to advance our shareholder compensation and deleverage our balance sheet,” said Occidental Petroleum President Vicki Hollub.
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Growing global demand
The IEA (International Energy Agency) estimates that global demand should stand at 99.4 Mb/d (million barrels per day) for 2022, a level slightly revised upwards due to stronger growth. stronger than expected in March and April. However, this remains 1 Mb/d below 2019 levels. From 2023 the IEA forecasts that global oil demand should exceed pre-Covid pandemic levels, driven by Chinese demand. The latter has been strongly affected by the serious disruptions linked to Covid-19 this year. Next year, the rebound in Chinese demand will more than offset a slowdown in OECD countries. In the medium term, the strong recovery in air traffic is supporting oil demand, with an increasingly evident dynamic in air travel in Europe and North America, underlines the IEA.