Occidental Petroleum Corp on Tuesday reported a quarterly profit that beat analysts’ estimates, helped by a surge in Permian basin production and higher realized prices for its crude. Production from its Permian resources unit rose 57 percent to 250,000 barrels of oil equivalent per day (boe/d) in the fourth quarter, boosted by its investments in the basin. A recovery in global oil prices since the end of 2016 led to a resurgence in U.S. shale activity centered around the Permian basin of Texas and New Mexico. U.S. recently edged past Saudi Arabia and Russia, to become the world’s top oil producer. Occidental’s Average production was up about 13 percent at 700,000 barrels of oil equivalent per day (boe/d). Revenue […]