Occidental Petroleum Corp. (NYSE: OXY) reported mixed third-quarter results Monday, with earnings surpassing analyst expectations but revenue coming in slightly below forecasts, as stronger crude oil production and pricing offset lower natural gas liquids prices.
The company reported non-GAAP earnings of $0.64 per share, matching analyst estimates. Revenue totaled $6.72 billion, just shy of projections for $6.76 billion.
Earnings were supported by higher crude oil volumes and prices compared with the previous quarter. The average realized worldwide crude oil price rose 2% sequentially to $64.78 per barrel. Meanwhile, average natural gas liquids prices declined 5%, though domestic natural gas prices increased 11%.
Total global production averaged 1.465 million barrels of oil equivalent per day (Mboed) during the quarter, up from 1.412 Mboed in the year-ago period. The company said it continued to benefit from improved efficiency across its operations amid steady commodity market conditions.
