(Reuters) – Occidental Petroleum Corp reported an adjusted profit in the second quarter versus a sequential loss, lifted by higher crude prices as easing travel curbs and rising COVID-19 vaccinations boosted fuel demand.
Oil prices have rebounded to multi-year highs from pandemic lows, and are now trading at over $70 a barrel, helped by output curbs by the OPEC+ and a pick-up in economic activity.
The average price for Occidental’s worldwide crude oil rose to $60.05 per barrel from $55.65 barrel in the prior quarter.
Total production from continuing operations rose to 1.2 million barrels of oil equivalent per day (boepd), 7.7% higher sequentially.
The oil and gas producer said on Tuesday adjusted profit attributable to common stockholders stood at $311 million, or 32 cents per share, for the three months ended June 30.
It reported a loss of $136 million, or 15 cents per share, in the prior quarter.
(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)
