OCCIDENTAL SWINGS TO PROFIT ON CRUDE PRICE REBOUND

Occidental Petroleum Corp reported an adjusted profit in the second quarter versus a sequential loss, lifted by higher crude prices as easing travel curbs and rising COVID-19 vaccinations boosted fuel demand. Oil prices have rebounded to multi-year highs from pandemic lows helped by output curbs by the OPEC+ and a pickup in economic activity. The average price for Occidental’s worldwide crude oil rose to US$60.05 per barrel from US$55.65 barrel in the prior quarter. Total production from continuing operations rose to 1.2 million barrels of oil equivalent per day. 7.7 per cent higher sequentially. The company said on Tuesday adjusted profit attributable to common stockholders stood at US$311 million, or 32 cents per share, for the three months ended June 30.