Shale producer Occidental Petroleum beats quarterly profit estimates
Occidental Petroleum, a U.S. shale oil producer, reported 'its highest quarterly profit in 2022. It exceeded Wall Street expectations on Wednesday, aided by higher production and oil prices.
Benchmark Brent crude averaged a 19.2% increase at $89.62 a barrel during the third quarter compared to a year ago as the conflict in the Middle East, which is now in its sixth month, has disrupted the energy supply and shipping through the Strait of Hormuz.
The surge in oil prices also boosted the profits of larger U.S. competitors. ExxonMobil posted its largest profit in four-years, while Chevron reported its highest profit for six years.
Occidental reported that it had realized $96.78 per barrel of oil in the quarter ending June 30 compared with $63.76 a few years ago.
The average global production rose slightly, to 1.43 million barrels (mmboepd), compared to 1.4 mmboepd one year earlier.
According to LSEG, the Houston-based 'company' posted a profit adjusted of $2.40 for the three months ending June?30. This was compared to expectations?of?$1.84 per share. (Reporting and editing by Sriraj Kalluvila in Bengaluru)
(source: Reuters)
