Oxy is latest oil and gas company to report multi-billion dollar first quarter profits
Vicki Hollub, chief executive officer of Occidental Petroleum, at CERAWeek by S&P Global, Tuesday, March 8, 2022, in Houston.Occidental Petroleum said Tuesday that its profits jumped in the first quarter as it swung from a loss in 2021 and reported record earnings for the third straight quarter in its chemical business
The Houston oil and gas company said it earned $4.7 billion in the first three months of 2022, compared to a loss of $346 million during the same period a year earlier. Revenues shot up 54 percent to $8.5 billion from $5.5 billion for the first quarter in 2021.Occidental CEO Vicki Hollub said because of the “outstanding performance” in the first quarter, the company is in a good position to increase oil and gas output for the rest of the year.
"Our OxyChem business delivered its third consecutive record quarterly earnings, as our employees continued to meet the increasing demand for the basic chemicals many take for granted but are vital to ensuring the safety of drinking water, manufacturing of medications and enhancing our quality of life,” Hollub said in a statement.
Occidental Petroleum is the latest Houston-based oil and gas company to report soaring profits as oil topped $100 per barrel for most of the first quarter, due in part to Russian oil lost to the market after countries imposed sanctions in retaliation for Russia’s war against Ukraine.
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