Occidental Petroleum’s Profit Beats Expectations On Rising Oil Price

U.S. oil producer Occidental Petroleum Corp. posted a better-than-expected quarterly profit on Aug. 8 as rising crude prices helped offset a production dip.

The company posted net income of $848 million, or $1.10 per share, compared to $507 million, or 66 cents per share, in the year-ago period.

Excluding one-time items, the company earned $1.22 per share. By that measure, analysts expected earnings of $1.21 per share, according to Thomson Reuters I/B/E/S.