By Paul Ziobro

Occidental Petroleum posted higher profit and revenue in the first quarter, with its main oil-and-gas business boosted by higher domestic commodity prices.

The oil-and-gas producer on Wednesday reported net income of $945 million, or 77 cents a share, compared with $888 million, or 75 cents a share, in the same quarter a year earlier.

Adjusted earnings were 87 cents a share. Analysts polled by FactSet expected 78 cents a share.

Revenue rose to $6.84 billion from $6.01 billion a year earlier. Analysts expected $6.83 billion.

Revenue was up in all three of its businesses--oil and gas, chemical and midstream and marketing--compared with a year earlier.

Pre-tax income, excluding certain one-time items, rose in its oil-and-gas unit due to higher domestic realized commodity prices, which was partially offset by lower sales volumes.

The company said that income for both its chemical and midstream and marketing businesses exceeded the midpoint of its guidance.

Occidental Petroleum closed asset sales of $1.3 billion in the first quarter and repaid about $2.3 billion of debt to date this year.

The company also reduced the mid-point of its capital guidance for the year by $200 million and domestic operating costs by $150 million, which it said was due to continued improvements in operating efficiency and schedule optimization in the Permian and the Gulf of Mexico, which the company referred to as the Gulf of America.

Write to Paul Ziobro at paul.ziobro@wsj.com

(END) Dow Jones Newswires

May 07, 2025 16:42 ET (20:42 GMT)

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