Occidental Petroleum (NYSE: OXY) reported Q3 EPS of $0.03, $0.04 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $3.25 million versus the consensus estimate of $3.2 billion.

n announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “Our third quarter daily production increased to 689,000 BOE from last year’s 595,000 BOE, an increase of 16 percent. Permian Resources and the start up of Al Hosn drove nearly all of the 94,000 BOE per day year-over-year growth. We have made a strategic decision to exit the Williston Basin and will continue to evaluate and minimize our involvement in non-core operations in the Middle East and North Africa. This will result in improved operating cash flow, lower future capital commitments, lower G&A costs and better overall financial returns for our remaining asset base.

“Although oil and NGL prices declined sequentially in the third quarter, our operating cash flow increased to $1.0 billion from $800 million in the second quarter of 2015. We reduced our capital spending another $300 million to $1.2 billion in the third quarter compared to $1.5 billion in the second quarter. Permian Resources continues to represent over 50 percent of total oil and gas spending. We continue to achieve drilling efficiencies and reduce unit operating costs. Wolfcamp well costs in the Delaware Basin are down over 40 percent and our Permian Resources unit operating costs are down 18 percent from a year ago.

“The actions we have taken to exit non-core assets, improve drilling efficiencies and lower well and unit operating costs provide greater focus in both our U.S. and international oil and gas operations and will strengthen the financial results of the overall enterprise.”

For earnings history and earnings-related data on Occidental Petroleum (OXY) click here.