Second-quarter earnings for oil and gas company Occidental Petroleum (NYSE:OXY) rose by 56% thanks to an increase in sales volume and higher prices that benefited the bottom line.
The Los Angeles-based company announced profit of $1.06 billion, or $1.31 per share, up from $682 million, or 84 cents per share last year. Although the earnings were up, they still came in shy of Thomson Reuters analyst estimates of $1.33 per share.
Occidental counts 60% of its production resources in the U.S., where gas prices rose to $4.19 per thousand cubic feet, up from $2.87 during the same period last year. The market price for crude oil was also up worldwide, from $52.97 per barrel to $72.13.