Occidental Q2 net income rises on higher crude prices; hikes dividend
OXY•Outlook
- Occidental did not provide specific guidance for the current quarter or full year
Result drivers
- Higher crude prices - Co said increased realized crude prices were the primary driver of oil and gas income growth
- Production above guidance - Oil and gas production exceeded the high end of guidance, with Permian and Gulf of America units outperforming
- Midstream margin improvement - Midstream and marketing results exceeded guidance due to higher crude margins and gas transportation optimizations
Quarterly results
- U.S. energy producer's Q2 revenue and EPS rose yr/yr, with net income at $2.8 bln
- Company's oil and gas production exceeded guidance, driven by higher realized crude prices
- Occidental increased its quarterly dividend by 8% to $0.28 per share
Key details and analyst coverage
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