Occidental Petroleum Corporation (OXY), a company engaged in hydrocarbon exploration, posted a surge in its net income for the first quarter, helped by a gain on the sale of OxyChem, despite lower revenues.
The company's attributable net profit reached $3.175 billion in the quarter, with an equivalent EPS of $3.13, including a $3.12 billion gain from the sale of Oxychem within discontinued operations. This compares to last year's net profit of $766 million, with an equivalent EPS of $0.77.
On an adjusted basis, profit from continuing operations was $1.070 billion or $1.06 per share, compared to $860 million or $0.87 per share last year, reflecting strong operational performance.
Energy company's quarterly revenues and other income totaled $5.109 billion, but slightly lower than last year's $5.738 billion.
Total company production for the first quarter averaged 1,426 MBOE/D, surpassing last year's 1,391 MBOE/D.
Shares of OXY ended Tuesday's Trading on the NYSE at $59.34, down $0.93 or 1.54 percent.
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