Shale producer Occidental Petroleum beats quarterly profit estimates

U.S. shale producer Occidental Petroleum surpassed Wall Street’s fourth-quarter profit expectations, driven by increased production that counteracted lower crude oil prices. Despite growing concerns about an oil glut and falling Brent crude prices, Occidental’s average global production rose to 1.48 million barrels of oil equivalent per day. The company expects capital expenditure for the current year to be between $5.5 billion and $5.9 billion and aims for $2.5 billion in cost savings, while forecasting average annual production of 1.42 MMboepd to 1.48 MMboepd.