(Reuters) -Occidental Petroleum beat estimates for third-quarter profit on Tuesday, as the U.S. oil and gas producer was aided by higher output amid sustained demand for energy.
U.S. production of oil and gas has been on the rise since last year as strong prices have encouraged energy firms to drill more.
WTI crude prices increased 9.4% on a sequential basis during the quarter, on the back of the extension of production cuts by OPEC+ members led by Saudi Arabia and Russia.
Occidental’s total production for the quarter rose to 1.22 million barrels of oil equivalent per day (boepd) compared with 1.18 million boepd a year earlier, on higher production at the Rockies and the Gulf of Mexico.
On an adjusted basis, the company earned $1.18 per share, compared with average analysts’ estimate of 84 cents per share, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Krishna Chandra Eluri)
