HOUSTON (AP) _ Occidental Petroleum Corp. (OXY) on Tuesday reported second-quarter net income of $103 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Houston-based company said it had net income of 10 cents. Earnings, adjusted for one-time gains and costs, were 32 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was breakeven on a per-share basis.
The oil and gas exploration and production company posted revenue of $6.01 billion in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $5.85 billion.
Occidental shares have increased 53% since the beginning of the year, while the S&P's 500 index has increased 18%. In the final minutes of trading on Tuesday, shares hit $26.43, a climb of 73% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OXY at https://www.zacks.com/ap/OXY
Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News