Occidental Petroleum (NYSE: OXY) reported Q2 EPS of $0.21, in-line with the analyst estimate of $0.21. Revenue for the quarter came in at $3.6 billion versus the consensus estimate of $3.65 billion.

“We continue to focus on managing our business to be profitable in this current environment by improving margins and increasing production through improved well performance,” said Stephen I. Chazen, President and Chief Executive Officer. “Our second quarter production increased to 658,000 BOE per day from last year’s 580,000 BOE per day, an increase of 13 percent with 78 percent of the increase from oil. The increase was led by Permian Resources, which delivered a 51 percent increase to 109,000 BOE per day, of which oil production grew by 31,000 barrels a day. Operating costs in the U.S. were down to $13 per BOE from $14.50 in 2014. Our second quarter capital was about $250 million lower than the first quarter and over 25 percent lower than the same period last year. Higher production volumes, improved well performance in the Permian, and higher product prices resulted in an increase of about $400 million in operating cash flow before working capital compared to the first quarter. Capital investments continue to be profitable and provide operating cash flow in the current price environment.”

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