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The company said average realized price for oil fell to $73.59 per barrel for the April-June quarter from last year’s $107.72 per barrel.
Oil and gas prices soared last year in the wake of Russia’s invasion of Ukraine but energy prices have dropped sharply this year as fears of shortages eased amid global economic challenges.
Benchmark Brent crude prices averaged $80 a barrel in the second quarter of 2023, compared with $110 a year ago.
The lower oil prices were still lucrative for oil producers and Occidental’s production in the quarter rose to 1.22 million barrels of oil equivalent per day (boepd) from 1.15 million boepd a year earlier.
Occidental, one of the largest oil and gas producers in the U.S., said net income attributable to common stockholders stood at $605 million, or $0.63 per share, for the three months ended June 30, compared with $3.55 billion, or $3.47 per share, a year ago.
