(Reuters) -U.S. oil and gas producer Occidental Petroleum beat estimates for fourth-quarter profit on Wednesday, aided by higher production in the Permian basin.
U.S. crude oil production has been on the rise, with companies looking to boost efficiency by focusing on the most prospective sites and boring longer horizontal well sections to maximize contact with oil-bearing rock.
The company reported fourth-quarter production of 1.234 million barrels of oil equivalent per day (boepd), compared with 1.227 million boepd in the year-earlier quarter.
The uptick in production helped offset a decline in prices.
Its average realized price for oil decreased by about 2% from the prior quarter to $78.85 per barrel.
The Houston, Texas-based company reported adjusted earnings of 74 cents per share for the quarter ended Dec.
31, compared with analysts’ estimates of 71 cents per share, according to LSEG data.
(Reporting by Sourasis Bose in Bengaluru; Editing by Anil D’Silva)
