Occidental Petroleum recently reported that it lost $70 million dollars after taking several plants offline during Hurricane Harvey.
Since the storm, the company has resumed normal operations at its plants in Deer Park, Pasadena, LaPorte and Ingleside. And overall, the company reported that it expects the long-term financial impact to be minimal, and to return to normal during the fourth quarter.
But the company expects that returns to its chemical segment will be down $60 million in the third quarter, while its midstream segment will see a pre-tax returns reduction of about $10 million.
The losses are the result of shutting down an ethylene cracker and six other facilities, including its oil export terminal near Corpus Christi, for several days.
“We are very proud of our team’s efforts to safely enact our business continuity plans across impacted assets and manage our business during and after the storm,” President and CEO, Vicki Hollub, said. “We remain on track and continue along our pathway to break even at $50 after dividend and production growth and our long-term, returns-focused value proposition.”
