Occidental Petroleum Reports 38 Percent Oil Price Surge

Occidental Petroleum reported that its worldwide average realized oil prices rose 38.4 percent during the second quarter, climbing to US$96.78 per barrel from US$69.91 in the previous quarter. The company attributed this surge to rising global crude prices and supply disruptions in the Strait of Hormuz caused by a war between the United States and Iran.

Market data showed benchmark Brent crude averaged $96.68 per barrel from April to June, marking a 23 percent increase over the first quarter. While prices for oil and natural gas liquids rose—with the latter increasing nearly 30 percent to $24.64 per barrel—the company saw a decline in natural gas pricing. Realized natural gas prices fell to an average of negative 80 cents per million cubic feet, down from positive $1.20 per mcf in the first quarter.