Occidental Petroleum posted third-quarter results ahead of Wall Street estimates, as higher global oil production offset lower commodity prices.
Occidental shares rose slightly in after-hours trading.
The oil-and-gas producer on Tuesday reported net income of $964 million, or 98 cents a share, compared with net income of $977 million, or $1 a share, in the prior-year period.
Adjusted income was $1.00 a share. Analysts polled by FactSet expected 74 cents a share.
Sales rose slightly to $7.17 billion. Analysts expected $7.12 billion.
Profit from its oil-and-gas segment came in at $1.17 billion, down from $1.97 billion a year ago. The results included losses primarily related to the sale of non-core U.S. onshore assets. Average daily global production topped the midpoint of its guidance, led by output from the Permian Basin, while production from Gulf of Mexico was slightly below the low end of its guidance due to weather impacts.
Its chemical division reports a profit of $304 million, which the company said was modestly above guidance, down from $373 million a year ago.
Its midstream and marketing unit, meanwhile, reported a profit of $631 million, compared with a loss of $130 million a year ago. Those results reflected gains on the sale of common units representing limited partner interest in Western Midstream Partners and net derivative gains. Excluding one-time items, the company said those results topped the mid-point of its guidance.
