Oct 9 (Reuters) - U.S. oil producer Occidental Petroleum ( OXY )

on Wednesday flagged lower prices for its oil and gas

production in the third quarter, compared to the previous

period.

The company said the realized prices, or the prices received

for production during the quarter, were nearly 6% lower for its

total oil output and about 26% lower for its U.S. natural gas

output.

Oil prices declined in the July-September quarter due to

concerns about global oil demand growth. Meanwhile, U.S. natural

gas prices collapsed to multi-year lows, with prices in

the Waha hub turning negative a record number

of times in 2024.

Occidental closed its $12 billion acquisition of

privately-held CrownRock in August, implying that it had two

months' worth of higher production in the third quarter.

For the third quarter, Occidental's average realized oil

prices are expected to be about $75.33 per barrel and realized

prices for natural gas liquids are expected to be $20.47 a

barrel globally.

The company expects average prices for natural gas

production in the U.S. will be about 40 cents per million cubic

feet (Mcf) in the July-September, compared to 54 cents per Mcf

in the prior quarter.

Occidental is the second shale producer in a week to warn

that lower oil prices during the third quarter would affect

results.

Last week, larger rival Exxon Mobil ( XOM ) signaled its

third-quarter upstream earnings could take a hit of up to $1

billion due to lower oil price and refining margins.

According to estimates compiled by LSEG, analysts expect

Occidental to post an adjusted profit of 85 cents per share in

the third quarter. The company had posted an adjusted profit of

$1.03 per share in the preceding quarter and $1.18 in last

year's third quarter.