(Reuters) Occidental Petroleum Corp (NYSE) reported a profit for the fourth quarter of 2014, compared to a loss in the previous year. This is due to a rebound in demand that has driven oil prices up from their pandemic-driven historical lows.

Last year saw global crude oil prices rise more than 50%, following a demand slump that was caused by pandemics. The average price of a barrel was $80 in the third quarter 2021, more than double what it was a year before.

Occidental reported that its fourth-quarter average realized oil price was $75.39/barrel, an increase of about 85% over the previous year.

This company is one the most prolific producers in West Texas and New Mexico’s Permian Basin. It reported that its average daily oil production reached 1.19 Million barrels of oil equivalent per person (boepd), up from 1.14million boepd just a year ago.

The net income for the quarter ended December 31 was $1.34B, or $1.37 per shares, against a loss of $1.31B, or $1.41, per share, one year prior.

Occidental is expected to announce its results Thursday night after market closes.

When contacted via phone and e-mail, it did not respond to my request regarding the publication date of earnings.