Occidental Petroleum More than Doubles Profit in Third Quarter

Occidental has “generated record free cash flow before working capital in each quarter this year, allowing us to reduce debt and strengthen our balance sheet,” CEO Vicki Hollub said in a statement.

Reuters

U.S. producer Occidental Petroleum Corp. beat market estimates and more than doubled its profit to $836 million in the third quarter, from the previous three months, the company said in a filing.

Oil producers haven been posting higher results this quarter as commodities prices bounce back from the coronavirus pandemic.

Occidental shares, up 95% this year, rose a fraction in late on Nov. 4 trading to $33.90.

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