Occidental Petroleum gains after Q1 profit beat

Shares of Occidental Petroleum OXY.N rise 1.6% to $39.62 premarket

Company late on Wednesday beat Q1 profit estimate, helped by strong production and favorable commodity prices

OXY reports Q1 adjusted profit of 87 cents/shr vs estimate of 77 cents/shr - data compiled by LSEG

Company's quarterly production rose nearly 19% to 1.39 million barrels of oil equivalent per day

OXY lowers 2025 capex outlook to $7.3bn from $7.5bn on the back of lower oil and gas reinvestment

Company also plans to drop 2 rigs in the Delaware Basin due to drilling efficiency gains

J.P. Morgan says one of the surprises in the updated capex guide was the fact that OXY retained its full-year guidance range for OxyChem unit despite economic risks associated with tariffs and global trade

As of last close, OXY shares down 21% YTD