Oxy Shares Surge on Strong Q2 Earnings

Occidental Petroleum (OXY) shares rose 5.1% on August 6, following a strong second-quarter earnings report that exceeded expectations.

The company's adjusted earnings per share came in at $2.40 on revenue of $8.07 billion, beating consensus estimates of $1.83 per share and $7.07 billion.

Oil and gas profit improved from the prior quarter primarily due to a 38% sequential increase in worldwide realized crude oil prices, reaching $96.78 per barrel.