HOUSTON, Nov 12 (Reuters) - U.S. oil and gas firm Occidental Petroleum (OXY.N) , opens new tab beat Wall Street estimates for third-quarter profit on Tuesday, but overall earnings fell 14% on losses from asset sales and a drop in chemical results.

Oil companies have reported lower year-on-year third-quarter results on weaker oil and gas prices. Occidental's quarterly profit included one-time asset sales losses and gains on share sales and derivatives.

Occidental said its operating profit from pumping oil and gas fell 25% to $1.2 billion on losses from asset sales. It took a $572 million loss on the sales. It sold properties in July to Permian Resources (PR.N) , opens new tab and an unidentified buyer for combined $970 million.

Proceeds from the sales helped reduce a heavy debt load from the $12 billion acquisition of closely held shale oil and gas producer CrownRock. Long-term debt at the end of the quarter was $25.46 billion, down $4 billion through cash and asset sales.

The company's operating profit from chemicals fell to $304 million, from $373 million a year ago. Its midstream business benefited from derivatives and a $490 million gain from selling shares in pipeline operator Western Midstream Partners (WES.N) , opens new tab.

Occidental's oil production rose 15.7% to 1.4 million barrels of oil and gas per day on its CrownRock purchase. Full-year production from expanded Permian properties should reach 661,000 barrels of oil and gas per day, up from 588,000 bpd a year ago, the company said.

The company reported an adjusted profit of $977 million, or $1 per share, for the quarter ended Sept. 30, down from $1.13 billion, or $1.18 a share, a year ago. Analysts had forecast a per share profit of 74 cents, according to data compiled by financial firm LSEG.

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https://www.reuters.com/markets/commodities/occidental-petroleum-beats-third-quarter-profit-estimates-2024-11-12/