Occidental Petroleum Corp on Monday beat Wall Street expectations as it posted a smaller first-quarter adjusted loss than the year prior, boosted by higher crude prices and profits in chemicals and marketing.
The company, like many of its peers, has benefited from a rebound in oil prices , up about 23per cent in the first quarter, as global fuel demand recovered after being decimated in 2020 by lockdowns to curb the spread of COVID-19.
The oil and gas producer said adjusted loss attributable to common stockholders was $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.
Analysts had expected a loss of 33 cents per share, according to Refinitiv. The company sold its crude oil for around $55.65 per barrel in the first quarter, up from $47.08 per barrel for the same period in 2020.
“Occidental is well positioned to continue to use excess cash flows, coupled with asset sales proceeds, to reduce debt and other financial obligations,” Chief Executive Vicki Hollub said in a statement.
However, total production from continuing operations fell to 1.12 million barrels of oil and gas per day, from fourth quarter’s 1.14 million barrels.