What was Occidental Petroleum's adjusted earnings per share for the April-June 2024 quarter, and how did it compare to analyst expectations?

Occidental Petroleum posted an adjusted profit of $2.40 per share for the April-June 2024 period, which surpassed Wall Street expectations of $1.84 per share, according to data compiled by LSEG.

How did rising oil prices and production changes contribute to Occidental's record quarterly profit since 2022?

Occidental's highest quarterly profit since 2022 was driven by higher oil prices—realizing $96.78 per barrel versus $63.76 a year earlier—and a 2.4% increase in average global production to 1.43 million barrels of oil equivalent per day (mmboepd), primarily from U.S. operations; however, international output fell 12% to 205,000 boepd due to Middle East instability affecting assets in Algeria, Oman, Qatar, and the UAE.

Occidental quarterly profit soars to highest since 2022 on oil rally

Aug 5, 2026

Occidental Petroleum reported its highest quarterly profit since 2022, beating expectations with $2.40 per share driven by rising oil prices and increased U.S. production. Major rivals Chevron and ExxonMobil also posted significant gains amid Middle East supply disruptions.

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Occidental quarterly profit soars to highest since 2022 on oil rally

Occidental quarterly profit soars to highest since 2022 on oil rally

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