Occidental Petroleum Corp posted a smaller first-quarter adjusted loss from the previous three months on Monday, boosted by higher crude prices as COVID-19 vaccine rollouts and easing travel restrictions lifted fuel demand.
The company, like many of its peers, has benefited from a rebound in oil prices, up about 23% in the first quarter, as global fuel demand recovered after being decimated in 2020 by lockdowns to curb the spread of COVID-19.
The average price for Occidental’s worldwide crude oil rose to $55.65 per barrel in the first three months of the year, from $40.76 per barrel in the prior quarter.
However, total production from continuing operations fell to 1.12 million barrels of oil equivalent per day (boepd), from fourth quarter’s 1.14 million boepd.
Occidental had warned in February about a hit from the Winter Storm Uri that swept across U.S. central and southern states in mid-February.
The oil and gas producer said adjusted loss attributable to common stockholders was $136 million, or 15 cents per share, for the March quarter, compared with a loss of $610 million, or 65 cents per share, in the fourth quarter.
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