Shale producer Occidental Petroleum beats quarterly profit estimates

Occidental Petroleum reported its highest quarterly profit since 2022, exceeding Wall Street expectations, driven by higher oil prices and increased production. Benchmark Brent crude prices averaged 19.2% higher due to geopolitical tensions in the Middle East, which also impacted Occidental's international output. The company's adjusted profit of $2.40 per share surpassed analyst estimates of $1.84.