Occidental Q2 net income $1.0B, EPS $1.03; production exceeds guidance

OCCIDENTAL PETROLEUM CORP /DE/

2024-Q2 EPS reported $1.78 revenue$12,792,000,000

Net income $1.0B ($1.03 diluted EPS); operating cash flow $2.4B; free cash flow before working capital $1.3B.
Total production 1,258 Mboed exceeded mid-point guidance by 6 Mboed; Permian 587 Mboed, Gulf of Mexico 138 Mboed.
Midstream & marketing pre-tax adjusted income exceeded guidance by over $180M; OxyChem pre-tax $296M approximated guidance.
Average WTI $80.56/bbl, Brent $84.95/bbl; worldwide realized crude $79.89/bbl, up 5% QoQ.
Maintaining full-year production guidance excluding CrownRock; expect 15 Mboed divestiture in Q4.

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