Occidental Petroleum rises after quarterly profit beat

Enterprise Products Partners L.P

07/08/2025 18:19

** Shares of shale producer Occidental Petroleum OXY.N rise over 4% to $44.26

** Company on Wednesday beat estimates for second-quarter profit, helped by higher production

** OXY reported Q2 adj. profit of 39 cents per share, vs estimates of 29 cents per share, according to data compiled by LSEG

** Company also disclosed $950 million of additional divestitures since the start of Q2, of which $370 million already closed

** Divestitures also include sale of an entity that owns certain gas gathering assets in the Midland Basin to a unit of Enterprise Products Partners EPD.N for $580 million

** TPH&Co analyst Matt Portillo says reduction in capital expenditure and asset sales were "good to see"

** Including session's moves, stock is down 10.4% YTD

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))