Occidental Petroleum Q2 Results Top Estimates

(RTTNews) - Occidental Petroleum Corp. (OXY) posted net income attributable to common stockholders for the second quarter of 2022 of $3.56 billion or $3.47 per share compared to a loss of $97 million or $0.10 per share in the previous year.

The latest quarter after-tax items affecting comparability of $315 million included $174 million of derivative gains and $140 million of gains on early debt extinguishment.

Adjusted income attributable to common stockholders for the latest quarter was $3.2 billion or $3.16 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $3.02 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales for the quarter were $10.74 billion up from $6.01 billion in the prior year. Analysts expected revenue of $10.26 billion for the quarter.