US oil company Occidental Petroleum will continue to emphasise debt reduction and shareholder returns instead of increasing production after reporting net income of $3.6 billion for the second quarter of 2022.

Occidental chief executive Vicki Hollub said the company has already exceeded its short-term goal of reducing debt by $5 billion, as it continues to work down the debt accrued in its 2019 acquisition of US independent Anadarko Petroleum.

Occidental slashed $8 billion in debt by May, surpassing its initial expectations.