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Occidental Profit Jumps on Higher Oil Prices and Midstream Gains
['Charles Kennedy', 'Thu', 'August', 'At Am Gmt', 'Min Read']
Yahoo Finance
The improvement was driven principally by higher realized crude prices and a sharp turnaround in Occidental's midstream and marketing operations.
Oil and gas pre-tax income reached $2.8 billion, compared with $1 billion in the first quarter.
Occidental recorded an average domestic realized gas price of negative $1.48 per thousand cubic feet during the quarter.
Operating cash flow before working-capital movements totaled $4.6 billion, while free cash flow before working capital reached $3 billion after $1.6 billion in capital spending.
The company said this was its highest quarterly free cash flow on that basis since the third quarter of 2022.