Occidental Petroleum Corp posted a rise in second-quarter profit, paid down debt and resumed a buyback program as the U.S. producer benefited from higher crude prices.
The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoniposted a rise in second-quarter profit, paid down debt and resumed a buyback program as the U.S. producer benefited from higher crude prices.
The company's net earnings attributable to common stockholders were $3.6 billion, or $3.47 per share, in the second quarter, compared with a $97 million loss, or $0.10 per share, in the same period last year. The company reduced its gains from the first quarter, when it posted $4.7 billion in profits, or $4.65 per share.Occidental has recovered from loading up on debt to buy Anadarko Petroleum for $35.7 billion just before COVID-19 pandemic cratered oil demand. It paid down almost $5 billion in debt and achieved its internal deleveraging goal, opening the door for a $3 billion share repurchase program to begin.The U.S.
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