Occidental (OXY.US) shares climbed 6% to $57.04 on Thursday, driven by strong second-quarter results. The company reported revenue of $8.32 billion, a 57.0% increase year-over-year, exceeding analyst estimates by $1.07 billion. Adjusted earnings per share came in at $2.40, surpassing expectations by $0.55, marking the highest quarterly profit since 2022.

For the current quarter, Occidental forecasts production between 1.40 million and 1.44 million barrels of oil equivalent per day, with the Permian Basin expected to average between 795,000 and 815,000 barrels per day. The company has also narrowed its full-year production outlook to a range of 1.42 million to 1.45 million barrels per day, with international production projected between 220,000 and 224,000 barrels daily. Earlier this year, the company had revised its production guidance downward, citing the impact of the Iran conflict on its operations. Occidental now expects capital expenditures for 2026 to range between $5.5 billion and $5.9 billion, down from the previous forecast of $6.3 billion to $6.7 billion.