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HOUSTON - Occidental Petroleum (NYSE:OXY) reported second quarter earnings that exceeded analyst expectations, with both revenue and profit surpassing Wall Street forecasts. The oil and gas producer posted adjusted earnings per share of $0.39, beating the analyst estimate of $0.34 by $0.05.
Revenue for the quarter came in at $6.46 billion, above the consensus estimate of $6.24 billion. The company’s shares edged up 0.4% following the announcement, reflecting a modest positive reaction from investors to the better-than-expected results.
Occidental, which is one of the largest oil and gas producers in the U.S. with significant operations in the Permian and DJ basins, as well as offshore Gulf of America, continues to focus on its core production business while advancing its carbon management initiatives.
"Our second quarter performance demonstrates our ability to execute effectively across our diverse portfolio of assets," said a company executive. "We remain committed to operational excellence while advancing our long-term strategic objectives in both traditional energy production and low-carbon ventures."
The company’s results come amid ongoing volatility in global energy markets, with Occidental’s diversified asset base helping to navigate industry challenges. The company maintains significant operations in the United States, the Middle East, and North Africa.
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