Occidental Petroleum (OXY) Q2 Financial Results

Occidental Petroleum Corp. (NYSE:OXY), founded in 1920, is one of the oldest players in the oil and gas sector. Initially, it started operating as a small drilling firm. But over the years, it attracted many investors, discovered several big oil reservoirs and made multiple acquisitions to become one of the leading players in the industry.

The Texas-based oil producer recently delivered an impressive quarter. Occidental reported adjusted earnings of 32 cents per share for the quarter ended June 30, compared to a loss of $1.76 per share in the year-ago quarter. Analysts, on average, were looking for adjusted earnings of 3 cents per share.

Revenue for the quarter came in at $6.01 billion, significantly higher than $2.98 billion in the comparable period of 2020 and above the consensus forecast of $5.61 billion. Moreover, Total production in the quarter increased to 1.2 million barrels of oil equivalent per day (BOEPD), exceeding Occidental’s own guidance.

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CEO Vicki Hollub expressed his satisfaction with the results. Hollub said in a statement, “Our strong second quarter operational performance continued to drive robust financial performance, resulting in our highest level of free cash flow in over a decade for the second consecutive quarter. The successful execution of the tender offer is part of our ongoing commitment to reduce debt and improve our balance sheet. The excess cash we have available to apply to early debt retirement is a direct result of the progress we continue to make with our divestiture program and the substantial free cash flow we are positioned to generate in the current oil price environment.”

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