U.S. oil and gas producer Occidental Petroleum Corp beat Wall Street's earnings estimates and swung to a profit from a year-ago loss, buoyed by soaring oil prices.
The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuonibeat Wall Street's earnings estimates and swung to a profit from a year-ago loss, buoyed by soaring oil prices.
Occidental's plan to produce oil while it develops technology to tap carbon emissions from fossil fuels gained a renewed vote of confidence after Warren Buffett's Berkshire Hathaway Inc raised its stake in the company to about 15.2%.Occidental reported a $2.1 billion adjusted profit - or $2.12 per diluted share - above the $2.03 per share estimated by analysts consulted by Refinitiv IBES.
Its average daily production was down to 1.08 million barrels of oil equivalent per day , from 1.14 million boepd in the same quarter last year. But should recover to around 1.145 million boed in the second quarter, it said. The producer, which borrowed $38 billion to buy Anadarko Petroleum in 2019, has been paying debt and expects to restore its investment grade credit rating in the mid-term. It said it will retire debt as maturities come due in the long-term.
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