Occidental Petroleum Corp. recorded a net loss attributable to common stockholders for first-quarter 2021 of $346 million, and an adjusted loss attributable to common stockholders of $136 million, compared to a net loss attributable to common stockholders for fourth-quarter 2020 of $1.3 billion, and an adjusted loss attributable to common stockholders of $610 million.
First quarter after-tax items affecting comparability of $210 million included $445 million loss in discontinued operations related to Ecuador and Ghana and $106 million of charges for non-core expiring domestic onshore undeveloped oil and gas leases, partially offset by $293 million of net derivative gains and a $79 million gain on the sale of 11.5 million limited partner units in Western Midstream Partners, LP (WES).
Cash flow from continuing operations was $800 million and cash flow from continuing operations before working capital was $2.1 billion.
The company spent $579 million, resulting in free cash flow excluding working capital of $1.6 billion.
Oil and gas
Oil and gas pre-tax loss on continuing operations for first-quarter 2021 was $62 million, compared to a pre-tax loss of $1.1 billion for fourth-quarter 2020. Results included pre-tax charges of $135 million associated with non-core expiring domestic onshore oil and gas undeveloped leases and $40 million of net derivative losses. Excluding items affecting comparability, first quarter of 2021 oil and gas results improved over fourth-quarter 2020 due to higher commodity prices, partially offset by higher depreciation, depletion, and amortization rates and lower volumes.
Total average global production of 1.12 MMboe/d for the quarter exceeded the midpoint of guidance by 17,000 boe/d. Rockies and Gulf of Mexico exceeded the high end of guidance with production of 296,000 boe/d and 151,000 boe/d, respectively. Permian production of 457,000 boe/d came in at the high end of guidance. International average daily production volumes were 213,000 boe/d.
OxyChem
Chemical pre-tax income of $251 million for first-quarter 2021 exceeded guidance of $225 million. Compared to fourth-quarter 2020 pre-tax income of $192 million, the increase in the first quarter income was driven primarily by improved pricing across most product lines, partially offset by the unfavorable impact of winter storm Uri in February 2021. The storm temporarily interrupted production and sales across multiple facilities, and increased the cost of raw materials, primarily ethylene and power.
Midstream and marketing
Midstream and marketing pre-tax income for the first quarter was $282 million, compared to a pre-tax loss of $90 million for fourth-quarter 2020. First quarter income included a pre-tax gain of $102 million on the sale of 11.5 million limited partner units in WES and net derivative gains of $15 million. Excluding items affecting comparability, first quarter midstream and marketing income improved compared to fourth-quarter 2020, primarily due the timing impact of crude export sales in the marketing business.
WES equity income, excluding the pre-tax gain on sale for the first quarter, was $91 million. Excluding WES equity income, midstream and marketing's outperformance compared to guidance in first-quarter 2021 was primarily driven by the marketing business's ability to optimize long-haul gas transportation in the Rockies along with the timing impact of export crude sales.
