Occidental Petroleum Corp. had a net loss attributable to common stockholders for second-quarter 2020 of $8.4 billion and an adjusted loss attributable to common stockholders of $1.6 billion compared with net income of $635 million for the year ago quarter.
Second quarter after-tax items affecting comparability included impairment charges of $5.2 billion on oil and gas continuing operations and $1.4 billion in discontinued operations for total impairment charges of $6.6 billion. In addition, second quarter results were impacted by the steep decline in oil prices due to the continued significant drop in oil demand as governments around the world implemented measures to contain the spread of COVID-19.
Oil and gas pretax loss on continuing operations for the quarter was $7.7 billion, compared to income of $236 million for first-quarter 2020. The second quarter results included pretax impairment charges on continuing operations of $4.3 billion for unproved domestic onshore acreage, $1.2 billion for proved domestic onshore and Gulf of Mexico oil and gas properties and $900 million for international assets.
Total average daily production volume of 1.406 MMboe/d for the quarter exceeded the midpoint of guidance by 36,000 boe/d. Permian resources produced 465,000 boe/d, exceeding the high-end of guidance by 5%. International average daily production volumes of 290,000 boe/d came within the guidance range.
Chemical pretax income for the quarter of $108 million exceeded guidance by 35%. Compared to prior quarter income of $186 million, the decline in income resulted primarily from the negative impact of the COVID-19 pandemic on product demand. Operational spending at various facilities was lower in the second quarter offset by softening realized domestic and export PVC prices and volumes.
Midstream and marketing pretax loss for the second quarter was $7 million, compared to a loss of $1.3 billion for first-quarter 2020. Excluding the Western Midstream Partners LP (WES) goodwill charges from the first quarter, the decrease reflected mark-to-market gains in the marketing business, partially offset by higher equity investment income from WES. Excluding WES equity income, midstream and marketing pre-tax loss for the second quarter was $147 million.
Excluding discontinued operations in Ghana, capital expenditure for the second quarter was $400 million.
Third quarter total company production guidance is 1.2-1.25 MMboe/d with Permian resources contributing 392,000-408,000 boe/d, additional domestic contributing 541,000-565,000 boe/d, and international operations contributing 267,000-277,000 boe/d.
Total company full year production is estimated at 1.3-1.33 MMboe/d.
Capital expenditures for the third quarter are guided at $400 million, while full year total company is maintained at $2.4-2.6 billion.