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Occidental see Q2 profits jump 17 per cent

Industry

Occidental Petroleum Corporation (OXY) announced higher quarterly profits of $1.8 billion for the Q2 of 2011, compared with US$1.1 billion for Q2 in 2010, on the back of higher crude oil prices.

In a company statement, Stephen I. Chazen, President and Chief Executive Officer, said, "The second quarter 2011 net income of $1.8 billion was an increase of 17 percent over the first quarter results. Our second quarter domestic oil and gas production grew 11 per cent from the second quarter of the prior year to 424,000 BOE per day."

Oxy said that its oil and gas segment earnings were US$2.6 billion for the second quarter of 2011, compared with US$1.9 billion for the same period in 2010. The increase in the second quarter of 2011 earnings was due mainly to higher crude oil prices.

Chemical segment earnings for the second quarter of 2011 were US$25mn, compared with US$108mnfor the same period in 2010. The second quarter of 2011 results reflect continued strong export sales demand and higher margins resulting from improved supply and demand balances across most products.

Occidental Petroleum also reported on its quarterly production levels. With daily oil and gas production volumes in Q2 averaged 715,000 barrels of oil equivalent (BOE), compared with 701,000 BOE in the second quarter of 2010. As a result of higher year-over-year average oil prices and other factors affecting production sharing and similar contracts, production was reduced in the Middle East/North Africa and Colombia by 11,000 BOE per day.

The Q2 production volume increase was a result of 42,000 BOE per day higher domestic volumes, partially offset by reduced volumes in the MENA region. The MENA was lower primarily due to the lack of production in Libya and price impacts on production sharing contracts, partially offset by production from Iraq coming on line in 2011 and higher volumes from the Mukhaizna field in Oman.

Daily sales volumes remained flat at 705,000 BOE per day in the second quarter of 2011, compared with 705,000 BOE per day in the second quarter of 2010. The 2011 sales volumes were lower than the production volumes due to the timing of liftings in Iraq, Qatar and Oman.

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