Summary by Moomoo AI
Occidental Petroleum reported Q2 2024 net income of $1.17 billion ($1.03 per share), up 66% from $706 million in Q1 2024. Revenue increased to $6.82 billion from $5.98 billion, driven by higher domestic crude oil prices and volumes. The company's oil and gas segment earnings rose to $1.64 billion, benefiting from resumed production in Eastern Gulf of Mexico and improved pricing.The chemical segment posted earnings of $296 million, up from $254 million in Q1, due to higher caustic soda and PVC prices along with improved product demand. The midstream and marketing segment turned profitable with earnings of $116 million compared to a $33 million loss in Q1, helped by improved gas transportation spreads and lower equity investment losses.Operating cash flow reached $4.4 billion for H1 2024, with capital expenditures of $3.6 billion. The company closed its $12.4 billion CrownRock acquisition on August 1, 2024, funded through $9.7 billion in new debt. Occidental plans to divest $4.5-6.0 billion in assets within 18 months of closing and has already announced $818 million in Delaware Basin asset sales.
