Occidental Petroleum shows quarterly results as oil rises
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It was a strong first quarter for Occidental Petroleum as higher oil prices contributed to the company making a profit.
It was a profit reversal after reporting losses in the same period a year ago.
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Net income came in at $ 4.7 billion, an improvement from a loss of $ 346 million in the first quarter of 2021.
BERKSHIRE HATHAWAY INCREASES EFFORT ON OIL BEFORE SHAREHOLDERS ̵[ads1]6;MEETING
Earnings per share reached $ 4.65, compared to a loss per share of 36 cents a year earlier, and adjusted earnings per share reached $ 2.12 from 15 cents.
Occidental Petroleum logo. ((Photo by Jay L. Clendenin / Los Angeles Times via Getty Images) / Getty Images)
Turnover was $ 8.5 billion, compared to $ 5.5 billion a year ago.
The numbers peaked at what Wall Street had expected. Estimates were sales of $ 7.8 billion for the quarter and net income of $ 1.9 billion.
BUFFETTS BERKSHIRE BUYS MORE OCCIDENTAL SHARES
The average price of a barrel of Brent crude oil jumped to $ 97.36 in the first quarter of this year from $ 61.10 the year before, according to the Wall Street Journal.
| Ticker | Safety | Last | Change | Change% |
|---|---|---|---|---|
| OXY | OCCIDENTAL PETROLEUM CORP. | 59.41 | +1.57 | +2.71% |
| BRK.A | BERKSHIRE HATHAWAY INC. | 469,780.01 | -1 419.99 | -0.30% |
Earlier this month, billionaire Warren Buffett revealed that his company Berkshire Hathaway had made several purchases of Occidental shares.
Berkshire Hathaway boss Warren Buffett (FBN)
At the annual meeting in Berkshire, the company announced a 14% stake in Occidental. Days later, it was revealed that Berkshire bought around 5.9 million more shares in the oil company.
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Occidental was the best stock in the S&P 500 in the first quarter.
