Occidental, Pioneer Natural push back quarterly earnings on winter storm hit

Business

Oil and gas producers Occidental Petroleum and Pioneer Natural Resources have pushed back their fourth-quarter earnings announcements, citing impacts from the harsh winter weather occurring across Texas.

Occidental said it would announce fourth-quarter and full-year 2020 financial results after market close on Feb. 22, instead of Feb. 16. Pioneer is now expected to report fourth-quarter results on Feb.23 instead of Wednesday.

“With temperatures expected to remain below freezing throughout this week, rolling power outages and winter weather conditions are impacting our employees, operations and office facilities,” Pioneer said in a statement on Tuesday.

A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries on Monday and forcing restrictions from natural gas and crude pipeline operators. [O/R]

The cold snap left at least one person dead, and more than 4 million people in Texas were without power, with the state’s electric grid operator forced to impose rotating blackouts to meet surging power demand.