How did OXY's Q2 earnings beat expectations?

Occidental Petroleum's (OXY) Q2 earnings report exceeded market expectations in terms of EPS, revenue, and operational performance, as detailed below:

1. **Earnings Per Share (EPS) Surprise**: The EPS of $0.80 for the quarter surpassed analysts' consensus estimates of $0.67 by $0.13. This indicates that the company's performance for the period was stronger than what the market had anticipated.

2. **Revenue Outperformance**: The company's revenue for the quarter was $6.84 billion, which was slightly higher than the analyst estimates of $7.14 billion. This suggests that Occidental Petroleum generated more revenue than expected, which could be attributed to better oil and gas production or other business segment performances.
3. **Operational Highlights**: Occidental Petroleum reported record US production, with total production averaging 1,258 thousand barrels of oil equivalent per day (BOE), surpassing the company's own expectations by 6 Mboed. The Permian and Gulf of Mexico regions led the production with 587 Mboed and 138 Mboed, respectively. Additionally, the company's oil and gas pre-tax earnings were $1.6 billion, up from $1.2 billion in the first quarter, primarily due to increased domestic crude oil production, lower costs, and a recovery in the Gulf of Mexico after an outage in April.

In summary, Occidental Petroleum's Q2 earnings exceeded expectations due to strong EPS performance, slightly higher revenue, and outstanding operational results, particularly in oil production. These factors combined to contribute to the company's overall financial outperformance.