Occidental Posts Record Profit, Free Cash Flow as Oil Soars
- Oil explorer maintains dividend at below pre-pandemic levels
- Occidental paid down 12% of its debt in the first quarter
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Occidental Petroleum Corp. reported record quarterly profits as oil and natural gas demand soared in the wake of Russia’s war on Ukraine.
The shale independent posted net income of $4.7 billion, the highest ever. Free cash flow was $3.3 billion, also a record. Adjusted earnings per share of $2.12 beat the median estimate among analysts.