U.S. oil producer Occidental Petroleum Corp. (NYSE: OXY) posted a better-than-expected quarterly profit Aug. 8 on rising crude prices and production.
The company posted net income of $848 million, or $1.10 per share, compared to $507 million, or 66 cents per share, in the year-ago period.
UPDATE - Occidental Petroleum Adds $1.1 Billion To 2018 Capital Budget
Excluding one-time items, the company earned $1.22 per share. By that measure, analysts expected earnings of $1.21 per share, according to Thomson Reuters I/B/E/S.
Production rose 6% to 639,000 barrels of oil equivalent per day. Output jumped in the Permian and Oman, a key international area of operations for the company.
Shares of the company, the largest oil producer in the Permian Basin of West Texas and New Mexico, fell 2% to $79.42 in after-hours trading.
Houston-based Oxy also said it would sell its Ingleside, Texas, crude export facilities in a deal worth about $2.6 billion.
The company plans to hold a conference call to discuss quarterly results on Aug. 9.
Recommended Reading
Texas Freeport LNG NatGas Flows Fall to Near Zero Ahead of Hurricane Beryl
2024-07-08 - With Freeport down, gas flows to the seven big U.S. LNG export plants, including Freeport, was on track to drop to an 11-week low of 11.0 Bcf/d on July 8.
Exclusive Q&A: LNG Canada to Open Country Up to Asian, Global Markets
2024-09-23 - The start-up of LNG Canada in mid-2025 will give its five joint venture partners access to liquefaction and international trade, which wasn’t a possibility from Canada before, an LNG Canada vice president told Hart Energy.
Permian Gets Gas Relief as ADCC Pipeline Begins Commercial Service
2024-07-12 - The ADCC Pipeline will source volumes from the Permian Basin, Eagle Ford Shale and Texas Gulf Coast for transport to Cheniere’s Corpus Christi LNG facility.
WoodMac: Permian Producers Eye Mexico’s Saguaro Energía LNG FID for Takeaway Relief
2024-07-17 - Wood Mackenzie expects Mexico Pacific to take FID on the first phase of its Saguaro Energía LNG project in either the second half of 2024 or early 2025.
FERC Chair: DC Court ‘Erred’ by Vacating LNG Permits
2024-09-20 - Throwing out the permit for Williams’ operational REA project in the mid-Atlantic region was a mistake that could cost people “desperately” reliant on it, Chairman Willie Phillips said.