Shale producer Occidental Petroleum posted a profit in the second quarter

American shale producer Occidental Petroleum Corp. reached a profitable level in the second quarter of 2022 and increased revenue by 1.8 times. In addition, Occidental said it bought back $1.1 billion worth of its shares and paid off about $5 billion in debt.

In April-June, the company’s net income was $3.56 billion compared to a net loss of $97 million in the first quarter of 2021. Earnings per share were $3.47 compared to a loss of $0.1.

Quarterly earnings excluding one-time factors were $3.16 per share compared to $0.32 per share a year earlier. Analyst consensus forecast averaged $3.03 per share, writes Barron’s.

Occidental’s quarterly revenue was $10.74 billion, up from $6.01 billion in the same period a year earlier. Experts on average predicted an indicator at the level of $10.26 billion.

The average price of WTI in the second quarter was $108.41 per barrel, Brent – $111.69 per barrel. The average selling price of Occidental oil on the world market in April-June was $107.72 per barrel, LNG – $42.04 per barrel of oil equivalent.