Occidental Petroleum beat first-quarter profit estimates and lowered its annual production forecast on Tuesday, as the war in Iran weighs on its global operations.
The US oil producer has a 40 per cent interest in the Shah gas field in the United Arab Emirates, one of the world's largest sour gas fields, where operations have remained suspended since an Iranian attack on March 16.
Its other international assets are primarily located in Algeria, Oman and Qatar, with the business accounting for 16.2 per cent of its total output in 2025.
International production is expected to range between 218,000 barrels of oil equivalent per day (boepd) and 228,000 boepd in 2026. It had earlier forecast 230,000-240,000 boepd.
The producer lowered its total production outlook to 1.41-1.46 mmboepd, compared with its prior expectations of 1.42-1.48 mmboepd.
The Houston-based company posted an adjusted profit of $1.06 per share for the quarter ended March 31, compared with expectations of 58 cents, according to data compiled by LSEG.
Occidental's realised price for each barrel of oil produced slipped 1.6 per cent to $69.91 in the first quarter.
Melius Research analyst James West said the lower realisations were "likely a timing issue."
Most producers hedge their sales of crude, natural gas and refined products using financial derivatives to mitigate the risk of price changes during the time it takes to ship cargoes to customers, which could take weeks between the US and Asia.
Most of the crude sales during the quarter took place before oil prices surged, West said, adding that it was commodity traders who captured some of the spike.
Larger rivals Exxon Mobil and Chevron reported a fall in first-quarter earnings due to accounting mismatches from derivative-related timing effects.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Sriraj Kalluvila)