Boosted by higher oil prices and increased production, Occidental Petroleum Corp. on Tuesday reported 56% higher second-quarter profit on a 21% sales gain.
The Los Angeles company, which is primarily an oil and natural gas producer, said its net income rose to $374 million, or 97 cents a share, for the quarter that ended June 30, compared with $240 million, or 63 cents, for the same quarter last year.
The company's sales were $2.27 billion, up from $1.87 billion a year earlier.
Occidental said the results reflect the quarter's 6% rise in average worldwide output to the equivalent of 544,000 barrels of oil per day, plus strong commodity prices.
In the United States, the company pocketed an average of $26.89 per barrel of oil and $5.46 per thousand cubic feet of natural gas -- increases of 12.6% and 87%, respectively, from prices in the second quarter of last year.