Low oil and gas prices have hurt US oil producers’ earnings. Credit: corlaffra via Shutterstock.

US-based oil and gas company Occidental has reported a net income attributable to common stockholders of $605m in the second quarter of 2023, a near 83% slump from $3.55bn last year.

Following a record year in 2022, when energy prices soared due to Russia’s invasion of Ukraine, low oil and gas prices have hurt US oil producers’ earnings, reported Reuters.

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Pre-tax income from oil and gas operations during the period under review fell to $1.05bn against $4.09bn in the same period a year ago.

Pre-tax domestic oil and gas asset impairments of $209m were included in the second quarter’s income.

These impairments are related to undeveloped acreage in the northern Powder River Basin’s non-core region, where Occidental will not conduct further exploration and appraisal activities.

Worldwide Commodity price realisations for oil in dollars per barrel during the April-June quarter were $73.59, more than a 31% drop year-on-year.

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Production was 1.2 million barrels of oil equivalent per day (mboed) in the period under review, a 6% jump from last year’s 1.14mboed.

The company raised its full-year production guidance to 1.21mboed.

Occidental president and CEO Vicki Hollub said: “Strong operational performance across our businesses in the second quarter drove continued financial success and enabled us to deliver additional substantive progress on our shareholder return framework.

“Our team’s technical achievements have positioned us for a strong second half of 2023, giving us confidence to raise full-year oil and gas production guidance.”

Earlier this week, Occidental formed a partnership with Abu Dhabi National Oil Company for carbon dioxide capture and storage in the US and the UAE.