Occidental Petroleum Increases Net Income and Revenue

Date : 08/08/2018 @ 10:54PM
Source : Dow Jones News
Stock : Occidental Petroleum Corp. (OXY)
Quote : 65.41  0.0 (0.00%) @ 1:34PM

Occidental Petroleum Increases Net Income and Revenue

Occidental Pet (NYSE:OXY)
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   By Waverly Colville 
 

Occidental Petroleum Corp. (OXY) reported increases in its net income and revenue as it grows its average daily oil production, the company said in its second quarter results released Wednesday.

Net income rose to $848 million, or $1.10 a share, from last year's $507 million, or 66 cents a share. Analysts polled by FactSet estimated $1.21 a share.

Revenue also rose to $4.13 billion from $3.6 billion a year prior, beating analysts' estimate of $4.03 billion.

The company grew its Permian Resources average daily production volumes by 46% to 201,000 BOE this quarter. It's also planning on completing $2 billion of share repurchases over the next 12 to 18 months.

Shares fell 2.7% in post-market trading Wednesday.

 

--Write to Waverly Colville at waverly.colville@wsj.com

 

(END) Dow Jones Newswires

August 08, 2018 18:39 ET (22:39 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

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