US oil company Occidental has reported income attributable to common stockholders of $992m for Q2 2024, up 64% from $605m a year ago.
During the April–June period, the company’s revenues and other incomes rose to $6.87bn from $6.73bn in Q2 2023.
For the first six months of 2024, Occidental reported income attributable to common stockholders of $1.71bn.
In the first half, total revenues and other incomes were $12.88bn.
In Q2, adjusted oil and gas income rose due to increased domestic crude volumes, lower depreciation rates and higher oil prices, despite lower gas prices and higher transportation costs, the company said.
Occidental’s Q2 global production averaged 1.26mboe/d, surpassing the guidance midpoint by 6mboe/d.
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By GlobalDataThis performance was driven by the Permian and Gulf of Mexico regions, which both exceeded their production targets with averages of 587mboe/d and 138mboe/d, respectively.
Additionally, the Rockies and other domestic regions and international production averaged 306mboe/d and 227mboe/d per day.
Meanwhile, midstream and marketing surpassed guidance for pre-tax adjusted income by more than $180m in Q2.
Earlier this month, Occidental completed the $12bn acquisition of CrownRock to strengthen its Permian Basin operations.
It also raised Occidental’s long-term debt to more than $28bn, according to Reuters.
Occidental said its strategy to reduce debt using cash generated from the acquisition and up to $6bn from asset sales through 2026 remains unchanged.
The company anticipates $970m in asset sales for this year and has reaffirmed its commitment to pay off $4.5bn in near-term debt by August 2025.
Occidental president and CEO Vicki Hollub said: “The strength of our operational performance resulted in impressive financial results for the second quarter of 2024. We are excited to continue building on this positive momentum across our deep and diverse asset portfolio with the addition of CrownRock.”
