Occidental swings to profit on crude price rebound

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FILE PHOTO: The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid

August 3, 2021

(Reuters) – Occidental Petroleum Corp reported an adjusted profit in the second quarter versus a sequential loss, lifted by higher crude prices as easing travel curbs and rising COVID-19 vaccinations boosted fuel demand.

Oil prices have rebounded to multi-year highs from pandemic lows, and are now trading at over $70 a barrel, helped by output curbs by the OPEC+ and a pick-up in economic activity.

The average price for Occidental’s worldwide crude oil rose to $60.05 per barrel from $55.65 barrel in the prior quarter.

Total production from continuing operations rose to 1.2 million barrels of oil equivalent per day (boepd), 7.7% higher sequentially.

The oil and gas producer said on Tuesday adjusted profit attributable to common stockholders stood at $311 million, or 32 cents per share, for the three months ended June 30.

It reported a loss of $136 million, or 15 cents per share, in the prior quarter.

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)






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