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The US’ Occidentals’ successful divestment of non-core MENA assets over the past year is enabling the firm to focus its efforts on more profitable core-MENA and US assets. Although the lost production from these divestments outstrips recent production gains in Oman and the UAE, Oxy is calculating that the ability to concentrate on more profitable assets will prove beneficial in the long run.
Overall Oxy made a $136mn loss in Q2, bringing the total loss for the first half of the year up to $562mn. Although this makes for a $290mn improvement on the Q1 loss, it represents a $301mn year-on-year fall against the second quarter of 2015.
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