(Reuters) -Occidental Petroleum beat Wall Street expectations for third quarter profit on Monday, as the U.S. shale producer benefited from higher production.
U.S. oil and gas output rose to a record in August even as benchmark Brent crude fell more than 13% in the third quarter on OPEC+ supply increases and slowing global demand, a backdrop that pressured prices but boosted volumes.
Occidental said it also benifited from its $12 billion acquisition of privately held CrownRock in August last year.
Quarterly average global production was 1.46 million barrels of oil equivalent per day (MMboepd), up from 1.41 MMboepd a year earlier.
Realized oil prices fell to $64.78 per barrel in the July-September period, from $75.33 a year earlier.
The Houston, Texas-based company posted an adjusted profit of 64 cents per share, for the three months ended September 30, compared with expectations of 52 cents per share, according to data compiled by LSEG.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)
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