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Occidental Petroleum Beats Q3 Expectations

Oil and gas company, Occidental Petroleum Corp. (NYSE: OXY) on Tuesday said that fiscal third quarter profit climbed 14%, driven by higher oil prices along with an increase in domestic production. Shares gained as both non-GAAP earnings and revenue exceeded analysts’ expectations. For the latest period, Occidental’s domestic production stood at 476,000 barrels of oil equivalent per day (BOE), which was an increase of 7,000 BOE from the same period of last year. In the same period, Occidental’s daily oil and gas production volume averaged 767,000 BOE compared to 766,000 BOE in the same quarter of last year.

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