Occidental Petroleum Corp. posted a sequential rise in second-quarter profit, paid down debt and resumed a buyback program as the U.S. producer benefited from higher crude prices.
The company's net earnings attributable to common stockholders were $3.6 billion, or $3.47 per share, in the second quarter, compared with $4.7 billion, or $4.65 per share, in the first quarter.
Occidental has recovered from loading up on debt to buy Anadarko Petroleum for $35.7 billion just before COVID-19 pandemic cratered oil demand.
During the quarter, the company achieved its goal of reducing debt by almost $5 billion to less than $20 billion, opening the door for the $3 billion share repurchase program to begin.
Occidental repurchased $1.1 billion through Aug. 1, it said.
The company's share price has more than doubled this year to $65.06 on Tuesday, with the company benefiting from rising oil prices following Russia's invasion of Ukraine.
The rally made some investment firms, including Goldman Sachs, in the past weeks downgrade the company recommendation, saying its potential for cash generation is already reflected in the price.
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