Oxy Shares Jump on Q2 Earnings Beat, Higher Crude Prices

Occidental Petroleum's shares rose by 5.1% after the company announced its second-quarter earnings results, which beat analyst expectations.

The firm reported adjusted earnings per share of $2.40 on revenue of $8.07 billion, surpassing estimates of $1.83 per share and $7.07 billion.

Oxy's improved oil and gas profit was primarily due to a 38% sequential increase in worldwide realized crude oil prices to $96.78 per barrel.

The company also exceeded production guidance, averaging 1,433 thousand barrels of oil equivalent per day, while midstream and marketing adjusted income finished above the high end of guidance.