Occidental Petroleum Corporation (NYSE:OXY) stock is trading higher on Thursday. The company reported 2024 fiscal year second quarter earnings after the market closed on Wednesday.

The Details: The company reported adjusted EPS of $1.03 beating analysts estimate of 77 cents and sales of $6.82 billion beating analysts estimate of $6.80 billion.

Occidental Petroleum reported pre-tax income of $1.6 billion from oil and gas compared $1.2 billion during the first quarter which the company attributed to higher domestic crude oil volumes and prices. The company noted it is offset by lower domestic gas prices and higher transportation costs.

Additionally, Occidental Petroleum reported pre-tax income of $296 million from OxyChem and $116 million from midstream and marketing. It reported an operating cash flow of $2.4 billion. Excluding working capital changes, the operating cash flow would have been $3.0 billion. Capital spending for the quarter was reported at $1.8 billion.

"The strength of our operational performance resulted in impressive financial results for the second quarter of 2024," said president and CEO Vicki Hollub.

"We are excited to continue building on this positive momentum across our deep and diverse asset portfolio with the addition of CrownRock."

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OXY Price Action: Occidental Petroleum Corporation stock is trading 4.78% higher at $58.82 at the time of writing, according to data from Benzinga Pro.

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