It was a strong first quarter for Occidental Petroleum as higher oil prices helped the company post a profit.
It was a turnaround in results after reporting a loss in the same period a year ago.
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Net income came in at $4.7 billion, an improvement from a loss of $346 million in the first quarter of 2021.
BERKSHIRE HATHAWAY BOOSTS BET ON OIL AHEAD OF SHAREHOLDER MEETING
Earnings per share reached $4.65, compared with a loss per share of 36 cents a year earlier, and adjusted earnings per share reached $2.12 from 15 cents.
Revenue was $8.5 billion, compared to $5.5 billion a year ago.
The numbers topped what Wall Street had been expecting. Estimates were sales of $7.8 billion in the quarter and net income of $1.9 billion.
BUFFETT’S BERKSHIRE BUYS MORE OCCIDENTAL SHARES
The average price of a barrel of Brent crude oil jumped to $97.36 in the first quarter of this year from $61.10 a year earlier, according to the Wall Street Journal.
|OXY||OCCIDENTAL PETROLEUM CORP.||59.41||+1.57||+2.71%|
|BRK.A||BERKSHIRE HATHAWAY INC.||469,780.01||-1,419.99||-0.30%|
Earlier this month, billionaire Warren Buffett revealed that his company Berkshire Hathaway had made several purchases of Occidental shares.
At the Berkshire annual meeting, the company announced a 14% stake in Occidental. Days later, it was revealed that Berkshire bought about 5.9 million more shares of the oil company.
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Occidental was the best-performing stock in the S&P 500 during the first quarter.