Occidental Petroleum Increases Oil and Gas Prices in Q1 2025

Published 1 hours agoOXY

Occidental Petroleum Increases Oil and Gas Prices in Q1 2025

Occidental Petroleum has announced a rise in the realized prices for its oil and gas production in the first quarter of 2025. The company reported an increase in the average realized price for oil to $71.07 per barrel, up from $69.73 in the last quarter of 2024. Natural gas prices also saw a substantial rise, with the average realized price reaching $2.30 per thousand cubic feet, compared to $1.26 previously. Similarly, natural gas liquids (NGLs) prices climbed by roughly 19% to $25.94 per barrel.

The hike in prices is largely attributed to a 30% surge in U.S. natural gas due to strong winter demand, as well as a 1.3% increase in Brent crude prices averaging $74.98 per barrel. Reuters reported that these adjustments exceeded expectations, with Occidental's natural gas and NGL price realizations outperforming analyst forecasts by approximately 7% and 8.5%, respectively. Consequently, Occidental's stock spiked by more than 11%, influenced by accompanying trade policy developments.

Occidental Petroleum is preparing to unveil its full first-quarter financial results on May 8, with market analysts projecting an adjusted profit of 72 cents per share. Ahead of this announcement, the current stock price of the company stands at $39.33, showing a minor change from the previous closing price. The stock market is closely monitoring these developments with significant intraday trading activity noted.

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