Occidental Petroleum posts quarterly profit as oil rises


It was a strong first quarter for Occidental Petroleum as higher oil prices helped the company turn a profit.

This was a turnaround in results after posting a loss in the same period a year ago.

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Net income was $4.7 billion, an improvement from a loss of $346 million in the first quarter of 2021.

BERKSHIRE HATHAWAY RAISES OIL BET AHEAD OF SHAREHOLDER MEETING

Earnings per share reached $4.65, compared with a loss per share of 36 cents a year earlier, and adjusted earnings per share reached $2.12 from 15 cents.

Western Petroleum logo. ((Photo by Jay L. Clendenin/Los Angeles Times via Getty Images)/Getty Images)

Revenue was $8.5 billion, compared to $5.5 billion a year ago.

The numbers exceeded Wall Street expectations. Estimates were for sales of $7.8 billion in the quarter and net income of $1.9 billion.

BUFFETT’S BERKSHIRE BUYS MORE WESTERN STOCKS

The average price of Brent crude oil jumped to $97.36 in the first quarter of this year from $61.10 a year earlier, according to the Wall Street Journal.

Teleprinter Security Last Switch Switch %
OXY WESTERN 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.

Warren Buffett, CEO of Berkshire Hathaway (NBF)

At Berkshire’s annual meeting, the company announced a 14% stake in Occidental. A few days later, it was revealed that Berkshire had bought around 5.9 million more shares of the oil company.

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Occidental was the best performing stock in the S&P 500 during the first quarter.


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