The company indicated that its total oil output prices were nearly 6% lower, while natural gas output prices saw a 26% decline. Credit: Piotr Swat/Shutterstock.

Occidental Petroleum has reported lower realised prices for its oil and gas production in the third quarter of 2024 (Q3 2024) compared with the previous period, reported Reuters.

The company, a significant player in the US oil sector, indicated that its total oil output prices were nearly 6% lower, while US natural gas output prices saw a substantial 26% decline.

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The company attributed the decrease in oil prices during the July–September quarter to concerns over global oil demand growth.

Concurrently, US natural gas prices experienced a significant drop, reaching multi-year lows, with Waha hub prices turning negative an unprecedented number of times in 2024.

The average realised oil prices for Occidental are expected to be around $75.33/bbl, with global natural gas liquids prices forecast to be $20.47/bbl.

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According to Reuters, the company expects the average prices for its US natural gas production to be around $0.40 per million cubic feet (mcf) for the quarter, down from $0.54/mcf in the previous quarter.

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Occidental is the second shale producer within a week to announce that lower oil prices during Q3 are likely to impact financial results.

Last week, ExxonMobil indicated that its third-quarter upstream earnings could suffer a reduction of up to $1bn due to lower oil prices and refining margins.

Estimates compiled by LSEG forecast that Occidental will report an adjusted profit of $0.85 per share in Q3, a decrease from $1.03 per share in Q2 and $1.18 per share in Q3 of the previous year.

In August, Occidental completed the $12bn acquisition of CrownRock, which resulted in two months of increased production in Q3.