Occidental Petroleum Surpasses Expectations with Strong Q2 Results

Occidental Petroleum has reported its strongest quarterly profit since 2022, exceeding analyst expectations. The company's April-June results were largely driven by higher oil prices, with Brent crude averaging $89.62 a barrel, up 19% from the same period last year.

The realized price for Occidental was $96.78 per barrel, compared to $63.76 in the previous year. This pricing boost contributed significantly to the company's adjusted earnings of $2.40 per share, beating analyst expectations of $1.84.

However, international output fell 12% due to disruptions in the Middle East and North Africa, affecting infrastructure and operations in some regions.