Occidental oil prices jump as supply concerns lift crude

By Reuters News

Oct 13 (Reuters) - Shale producer Occidental Petroleum OXY.N said in a filing on Tuesday its worldwide average realized oil prices rose 32.6% in the third quarter from a year earlier, as concerns over supply disruptions linked to the US-Iran war and restricted oil flows through the Strait of Hormuz lifted crude prices.

The US-Iran war has pushed up oil prices by raising supply concerns and disrupting flows through the Strait of Hormuz, which carries about a fifth of the world's oil.

  • In September, the company temporarily curtailed production at certain Gulf of America facilities, referring to the Gulf of Mexico, due to a third-party gas pipeline constraint and maintenance activities.

  • Production has been partially restored, with the remaining impacted production expected to return as the third-party gas pipeline constraint is resolved.

  • Benchmark Brent crude prices averaged $89.27 a barrel during the July-September quarter, up 31.2% from the year-ago quarter.

  • Occidental's worldwide average realized oil price in the third quarter was $85.91 per barrel, compared with $64.78 a barrel a year earlier.

  • Worldwide realized natural gas prices averaged $1.69 per million cubic feet, compared with positive $1.57 per mcf in the year-ago quarter.

  • Worldwide realized natural gas liquids prices rose nearly 26% to $24.63 per barrel, compared with $19.60 per barrel in the year-ago quarter.

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