Occidental Petroleum Corporation OXY reported second-quarter 2022 earnings of $3.16 per share, beating the Zacks Consensus Estimate of $2.93 by 7.9%. Earnings in the second quarter were better than our estimate of $2.46 per share. In the year-ago quarter, the company reported earnings of 32 cents. Earnings improved year over year due to an increase in operating efficiencies and commodity prices.GAAP earnings of Occidental in second-quarter 2022 were $3.47 per share against a loss of 10 cents in the year-ago quarter.Total RevenuesOccidental's total revenues were $10,735 million, which surpassed the Zacks Consensus Estimate of $9,779 million by 10.2%. The top line also improved 78.6% from the year-ago quarter. The year-over-year improvement was due to a rise in contribution from all its segments. Total revenues were higher than our estimate of $8,812.2 million.Occidental Petroleum Corporation Price, Consensus and EPS Surprise Occidental Petroleum Corporation price-consensus-eps-surprise-chart | Occidental Petroleum Corporation QuoteSegmental DetailsOil and Gas revenues for the quarter were $7,696 million, up 70.8% year over year.Chemical revenues for the quarter were $1,909 million, up 60.8% year over year.Midstream & Marketing revenues for the quarter were $1,474 million, up 196.6% year over year.Production & SalesOccidental’s total production volume for the second quarter was 1,147 thousand barrels of oil equivalent per day (Mboe/d), which was within the company’s guidance of 1,130-1,160 Mboe/d. Strong production volumes were attributed to higher volumes from the Rockies and Other Domestic assets. Permian Resources’ production for the second quarter was 493 Mboe/d, which was near the upper end of the guidance of 488-498 Mboe/d.For the quarter under review, total sales volume was 1,150 Mboe/d, down 4.1% from 1,199 Mboe/d recorded in the year-ago period. The decline was due to a drop in U.S. and international sales volume.Realized PricesSecond-quarter realized prices of crude oil improved 67.8% year over year to $107.72 per barrel on a worldwide basis. Realized natural gas liquids’ prices also improved 67.8% from the prior-year quarter to $42.04 per barrel worldwide.Natural gas prices increased 114.9% from the year-ago quarter to $5.03 per thousand cubic feet worldwide. The company benefited from a worldwide improvement in commodity prices.Highlights of the ReleaseOccidental’s total expenses for the reported quarter were $6,077 million, up 4.4% year over year.The company generated $4.2 billion in free cash flow in the second quarter and repaid debts of $4.8 billion, further strengthening the balance sheet.Interest expenses for the reported quarter were down 70.4% to $114 million from $385 million in the year-ago period.Occidental repurchased more than 18 million shares for $1.1 billion through Aug 1, 2022.Financial PositionAs of Jun 30, 2022, Occidental had cash and cash equivalents of $1,362 million compared with $2,764 million as of Dec 31, 2021.As of Jun 30, 2022, the company had long-term debt (net of current portion) of $21,743 million compared with $29,431 million as of Dec 31, 2021. The decrease in the debt level was due to the effective management of debt since the acquisition of Anadarko.For second-quarter 2022, cash flow from operations was $5,148 million, up from $2,710 million in the prior-year period.Occidental’s total capital expenditure for second-quarter 2022 was $972 million compared with $698 million invested in the year-ago period.GuidanceFor third-quarter 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 523-533 Mboe/d. Occidental expects third-quarter exploration expenses of $75 million.For 2022, OXY expects production of 1,140-1,170 Mboe/d and output from Permian Resources of 516-526 Mboe/d. Occidental expects 2022 exploration expenses of $215 million.Occidental has plans to invest $3.9-$4.3 billion in 2022 to further strengthen its operation.Zacks RankCurrently, Occidental has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesDevon Energy Corp. DVN reported second-quarter 2022 adjusted earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.38 by 8.8%.The Zacks Consensus Estimate for DVN’s 2022 earnings implies year-over-year growth of 154.9%. Devon Energy witnessed an average surprise of 12.3% in the last four reported quarters.CNX Resources Corporation CNX reported second-quarter 2022 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 79 cents by 22.8%.CNX Resources’ long-term (three to five years) earnings growth is currently pegged at 24.1%. The Zacks Consensus Estimate for CNX’s 2022 earnings implies year-over-year growth of 80.1%.TotalEnergies SE TTE reported second-quarter 2022 operating earnings of $3.75 (€3.50) per share, meeting the Zacks Consensus Estimate.The Zacks Consensus Estimate for TTE’s 2022 earnings implies year-over-year growth of 105.9%. TotalEnergies posted an average surprise of 14.6% in the last four reported quarters. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Devon Energy Corporation (DVN): Free Stock Analysis Report Occidental Petroleum Corporation (OXY): Free Stock Analysis Report CNX Resources Corporation. (CNX): Free Stock Analysis Report TotalEnergies SE Sponsored ADR (TTE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research