Wall Street

Occidental tops 2nd-qtr estimates, launches share buybacks

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Reuters UK

By Sabrina Valle HOUSTON (Reuters) -Occidental Petroleum Corp on Tuesday capped a turnaround with a second-quarter profit that topped Wall Street estimates while slashing debt and launching a share buyback program on the back of strong oil and gas prices. Occidental has shed much of the debt it took on in 2019 to buy rival Anadarko Petroleum before the COVID-19 pandemic cratered oil demand. In the second quarter it paid down $4.8 billion in debt and launched a $3 billion share repurchase program. The Houston-based energy company posted an adjusted profit of $3.2 billion, or $3.16 per share, to…

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