Oxy Rides Higher Oil Prices to Beat Q2 Estimates

Occidental Petroleum (NYSE:OXY) reported stronger-than-expected second quarter earnings, driven by higher oil prices and increased production. The company's adjusted earnings per share came in at $2.40, beating analyst estimates of $1.86. Revenue for the quarter reached $8.33 billion, exceeding the consensus estimate of $7.22 billion.

The average worldwide realized crude oil price rose 38% from the previous quarter to $96.78 per barrel, contributing to the company's strong results. Occidental generated $5.1 billion in operating cash flow from continuing operations and delivered $3.0 billion of free cash flow before working capital, its highest level since the third quarter of 2022.

The company reduced principal debt by $1.9 billion to $11.8 billion and increased its quarterly dividend by 8% to $0.28 per share, payable October 15, 2026. Occidental's President and Chief Executive Officer, Richard Jackson, said that the company's resources are a key factor in its success.