U.S. oil producer Occidental Petroleum Corp. (NYSE: OXY) posted better-than-expected quarterly results on May 8, with profit jumping more than six-fold on rising crude prices, cost cuts and improving chemical sales.
Oxy, the largest oil producer in the Permian Basin of West Texas and New Mexico, posted net income of $708 million, or 92 cents per share, compared to $117 million, or 15 cents per share, in the year-ago quarter.
Analysts expected earnings of 70 cents per share, according to Thomson Reuters I/B/E/S.
Oxy’s U.S. oil operations swung to a profit in the quarter, largely due to rising crude prices. In the company’s chemical division, which makes plastics used in pipes and siding, profit more than doubled to $230 million.
Overall production jumped 4% in the quarter to 609,000 barrels of oil equivalent per day.
The Houston-based company plans a conference call with reports to discuss the quarterly results early May 8.
Oxy shares rose less than 1% to $78.26 in after-hours trading.