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Occidental Petroleum beats second-quarter profit estimates on higher production - Yahoo Finance

Yahoo Finance · last updated

Occidental Petroleum posts higher second-quarter profit

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(Reuters) - Occidental Petroleum reported a rise in second-quarter profit on Wednesday, as the oil and gas firm benefited from higher oil production and crude prices.

The company posted profit of $992 million, or $1.03 per share, for the quarter ended June 30, compared with $605 million, or 63 cents per share, a year earlier.

(Reporting by Seher Dareen in Bengaluru; Editing by Shilpi Majumdar)

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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