HOUSTON (Reuters) -Occidental Petroleum Corp more than doubled its profit to $836 million in the third quarter, compared with the previous three months, the company said in a filing.
Oil producers haven been posting higher results this quarter as commodities prices bounce back from the coronavirus pandemic.
Occidental reported per share earnings of 65 cents in third quarter, a penny below the market’s consensus estimate, according to REFINITIV data. The producer had a loss of $4.07 per share in the same period last year.
Occidental has “generated record free cash flow before working capital in each quarter this year, allowing us to reduce debt and strengthen our balance sheet,” Chief Executive Vicki Hollub said in a statement.
(Reporting by Sabrina ValleEditing by Marguerita Choy)
