Occidental Petroleum Exceeds Q3 Expectations with Increased Production

Occidental Petroleum reported a higher-than-expected profit for the third quarter, driven by strong U.S. oil production. However, the results were lower compared to the same period last year due to lower energy prices and weaker chemical and pipeline results. The company bought back $342 million of Berkshire Hathaway's preferred shares and announced a new investment from BlackRock in a proposed carbon capture project. Meanwhile, rival oil producer Devon Energy also beat earnings estimates but saw its shares fall after forecasting flat production for the fourth quarter and 2024.