US Stock Market Move | Occidental Petroleum Corporation (OXY.US) rose 6%, with Q2 profits reaching a four-year high.

On Thursday, Occidental Petroleum Corporation (OXY.US) rose 6% to $57.04. The earnings report revealed that Occidental Petroleum Corporation's Q2 revenue reached $8.32 billion, a year-on-year increase of 57.0%, exceeding expectations by $1.07 billion; adjusted earnings per share were $2.40, exceeding expectations by $0.55, with profits hitting the highest quarterly level since 2022. For the current quarter, the company expects production to be between 1.4 million to 1.44 million barrels of oil equivalent per day, of which the Permian Basin production is expected to average between 795,000 to 815,000 barrels of oil equivalent per day. Occidental Petroleum Corporation has also narrowed its annual production outlook to between 1.42 million to 1.45 million barrels of oil equivalent per day, with international production expected to be between 220,000 to 224,000 barrels of oil equivalent per day. Earlier this year, the company had lowered its production outlook citing the impact of the Iran war on its operations. The company currently expects 2026 capital expenditures to be between $5.5 billion to $5.9 billion, revised down from a previous forecast of $6.3 billion to $6.7 billion.