Oxy Surpasses Earnings Estimates on Higher Oil Prices
HOUSTON - Occidental Petroleum (Oxy) reported impressive second-quarter results, exceeding analyst estimates across multiple key metrics. The company's adjusted earnings per share reached $2.40, surpassing expectations of $1.86.
This was largely driven by higher oil prices and strong production volumes. Revenue for the quarter hit $8.33 billion, outpacing consensus estimates of $7.22 billion. Oxy's global production averaged 1,433 thousand barrels of oil equivalent per day, which is above its guidance.
The company also saw significant increases in operating cash flow and free cash flow before working capital, reaching $5.1 billion and $3.0 billion respectively, the highest levels since the third quarter of 2022. Oxy reduced principal debt by $1.9 billion to $11.8 billion and increased its quarterly dividend by 8% to $0.28 per share.
Oxy's President and Chief Executive Officer, Richard Jackson, stated that 'Our second quarter results demonstrate the strength of Oxy’s resources and the competitive advantages that position us for continued value creation.'