Occidental Petroleum Corp (NYSE:OXY) stock rose 2.85% (As on November 11, 11:22:58 AM UTC-4, Source: Google Finance) after the company beat Wall Street expectations for third-quarter profit, as higher production helped the U.S. shale producer counter weaker oil prices. U.S. oil and gas output rose to a record in August even as benchmark Brent crude fell more than 13% in the reported period on OPEC+ supply increases and slowing global demand. Occidental, which said it benefited from its $12 billion acquisition of CrownRock in August last year, reported quarterly average global production of 1.46 million barrels of oil equivalent per day (MMboepd), up from 1.41 MMboepd a year earlier. Realized oil prices fell to $64.78 per barrel in the July-September period, from $75.33 a year earlier. Last month, Occidental sold OxyChem to Warren Buffett’s Berkshire Hathaway for $9.7 billion, marking its biggest divestment yet to reduce debt after years of costly acquisitions. The company repaid $1.3 billion of debt during the third quarter. It had long-term net debt of $20.85 billion, as of September 30. The company announced net income attributable to common stockholders of $661 million and adjusted income attributable to common stockholders of $649 million for the third quarter of 2025.

Moreover, for the third quarter of 2025, average WTI and Brent marker prices were $64.93 per barrel and $68.14 per barrel, respectively. Average worldwide realized crude oil prices increased by 2% from the prior quarter to $64.78 per barrel. Average worldwide realized natural gas liquids prices decreased by 5% from the prior quarter to $19.60 per barrel. Average domestic realized gas prices increased by 11% from the prior quarter to $1.48 per thousand cubic feet (Mcf). Midstream and marketing pre-tax income was $93 million for the third quarter of 2025. OxyChem pre-tax income was $197 million for the third quarter of 2025.

OXY in the third quarter of FY25 has reported the adjusted earnings per share of 64 cents, beating the analysts’ estimates for the adjusted earnings per share of 48 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 35.9 percent to $6.72 billion in the third quarter of FY25, missing the analysts’ estimates for revenue by 0.07%.

Occidental expects production to be in the range of 1.44 MMboepd to 1.48 MMboepd in the current quarter. Analysts on average were expecting production of 1.44 MMboepd during the fourth quarter, according to data compiled by LSEG.