Occidental Petroleum loss narrows as chemicals, oil exports gain

(Reuters) – Occidental Petroleum Corp on Monday surpassed Wall Street expectations by reporting a smaller first-quarter loss than a year ago, boosted by earnings from chemicals and oil exports.

The company benefited from a rebound in oil prices, up about 23% during the first quarter, as fuel demand recovered after being decimated last year by lockdowns to curb the spread of COVID-19.

The oil and gas producer reported an adjusted loss of $136 million, or 15 cents per share, for the March quarter, compared with a loss of $467 million, or 52 cents per share, in the first quarter of 2020.

Analysts had expected a loss of 33 cents per share, according to Refinitiv.