Occidental Petroleum beat Wall Street estimates for second-quarter profit Wednesday, as the oil and gas firm benefited from higher oil production and a rise in crude prices.

The company said its worldwide realized crude oil prices stood at $79.89 per barrel, compared with $73.59 per barrel a year earlier.

Shares of the company were up 1.1% in trading after the bell.

Occidental's quarterly production stood at 1.26 million barrels of oil equivalent per day (boepd), higher than the 1.22 million boepd in the year-ago period and analysts' estimate of 1.24 million boepd.

The company posted adjusted profit of $1.03 per share for the quarter ended June 30, compared with analysts' average estimate of 77 cents per share, according to LSEG data.