Occidental Petroleum Reports Q1 Earnings Beat with Higher Profit, Revenue

Occidental Petroleum reported higher first-quarter profit and revenue, surpassing analyst expectations due to increased oil prices and operational efficiencies. Adjusted earnings reached $0.87 per share, well above consensus estimates, with revenue rising to approximately $6.8 billion. The company’s oil and gas segment, particularly in the Permian Basin, contributed significantly to these gains, supported by improved commodity prices and cost reductions. Occidental also focused on strengthening its financial position by closing $1.3 billion in asset sales and repaying $2.3 billion in debt so far this year, while lowering its capital expenditure and operating cost guidance for 2025. Despite robust financial performance, the company's stock showed little reaction, and there is ongoing industry discussion about the potential peaking of U.S. shale production due to rising costs and market conditions. The company highlighted ongoing operational improvements and maintained guidance in line with market expectations.