US independent oil and gas producer Occidental Petroleum reported earnings of nearly $3.6 billion for the second quarter on Tuesday, a significant increase over the $97 million loss reported in the second quarter of 2021.

Occidental, along with its counterparts in the industry, benefited from stronger oil and gas prices during the second quarter.

The company reported a 17% increase in crude oil prices worldwide to $107.72 per barrel. Average domestic realised gas prices increased 50% from the first quarter of the year to $6.25