Occidental Petroleum Corp (NYSE:OXY) late Monday reported third quarter 2025 earnings that exceeded expectations as higher oil and gas output offset weaker crude oil prices.
The US shale producer posted an adjusted profit during the period of $0.64 per share, surpassing the analyst consensus estimate of $0.52, according to data compiled by LSEG.
The company sold its oil at an average price of $64.78 per barrel in the quarter, down from $75.33 a year earlier.
Occidental saw its Q3 average global production increase to 1.46 million barrels of oil equivalent per day (MMboepd) from 1.41 MMboepd a year ago.
The company said it received a boost from its $12 billion acquisition of CrownRock in August 2024.
Occidental also announced that expects Q4 production to be in the range of 1.44 MMboepd to 1.48 MMboepd, better than the 1.44 MMboepd Wall Street forecast.
In October, Occidental said it would sell its chemical unit, OxyChem, to Warren Buffett’s Berkshire Hathaway for $9.7 billion in cash to reduce its debt.
Occidental had long-term net debt of $20.85 billion, as of September 30, 2025.
Occidental Petroleum shares rose 2.4% to $42.84 in midday trading on Tuesday.