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Author: luxmain   😊 😞
Number: of 15065 
Subject: OXY 83% drop in profit
Date: 08/02/2023 7:11 PM
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https://finance.yahoo.com/news/1-occidental-petrol...

UPDATE 1-Occidental Petroleum profit slumps 83% on lower energy prices

Benchmark Brent crude prices averaged $80 a barrel in the second quarter of 2023, compared with $110 a year ago.

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A thought. If profits drop 83% going from $110 average to $80 average, what happens if the 2014-2022 era reappears?

From late 2014 till 2022, the price of Brent never went HIGHER than $85.

https://finance.yahoo.com/chart/BZ%3DF

It averaged around to $55 in that 8 year period.

Seems that would not be ideal for OXY and would lead to prolonged losses.

lux
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Author: newfydog ✸⎊  😊 😞
Number: of 15065 
Subject: Re: OXY 83% drop in profit
Date: 08/02/2023 7:41 PM
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One thing that always amazes me in the ol'biz is how much expenses go up in good times and just how low they can go in bad times. When oil prices fall there is a lag period of low profits, but it can be surprising how much money can be made after things shake out and stabilize at a fairly low crude price.
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