Why Occidental Stock Is Up Today
Written by Joe Tenebruso for The Motley Fool -> Higher oil prices boosted Occidental's second-quarter profits. The energy exploration company is prudently paying down debt. Shares of Occidental Pe…
Higher oil prices boosted Occidental's second-quarter profits.
The energy exploration company is prudently paying down debt.
Shares of Occidental Petroleum (NYSE: OXY) rose on Thursday after the oil and gas producer raised its cash payouts to investors.
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Occidental produced an average of 1,433 thousand barrels of oil equivalent per day (Mboed) in the second quarter, besting its own internal targets.
"We are unlocking more from our assets through our industry-leading advanced recovery capabilities and differentiated value-based development approach," CEO Richard Jackson said.
This strong operating performance, combined with a 38% surge in realized crude oil prices to $96.78 per barrel, drove Occidental's pre-tax income from oil and gas to $2.8 billion, up from $1 billion in the first quarter and $934 million in the second quarter of 2025.
The energy producer's midstream and marketing segment also swung to a pre-tax profit of $1.3 billion, compared to a loss of $87 million in Q1.
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