Occidental Petroleum flags increased costs for oil and gasoline manufacturing in Q1

(Reuters) -U.S. shale agency Occidental Petroleum stated on Wednesday the costs it obtained for oil and gasoline manufacturing in the course of the first quarter had been increased than within the previous three months.

Benchmark Brent crude costs averaged $74.98 a barrel in the course of the first quarter, up 1.3% from the prior quarter, whereas U.S. pure gasoline costs jumped 30%, helped by increased demand from a chilly winter within the nation.

Occidental stated its common realized value for oil output was $71.07 per barrel, in comparison with $69.73 per barrel it realized over the past quarter of 2024.

In the meantime, its common realized value for whole pure gasoline manufacturing rose to $2.30 per thousand cubic toes (Mcf) from $1.26 per Mcf in the course of the quarter ended December 31.

(Reporting by Vallari Srivastava in Bengaluru; Modifying by Alan Barona)