US-based oil company Occidental Petroleum Corp has said that it has posted a profit for the second-quarter because of the constantly increasing price of crude oil.

Occidental is the same company that bought over Citigroup's Phibro energy-trading unit in 2009.

Net income of the firm went up by $1.31 per share or $1.1 billion. Last year it was 84 cents or $682 million. Occidental gave its financial figures to Business Wire.

The Los Angeles-based company has benefited a lot because of the rising futures in the oil market. During the second quarter, the oil futures in the New York showed an average price of $78.05 per barrel which is 31 per cent higher than that of last year.

Besides this, the company has also seen advantage because of finding crude oil in the US on land. So has been its good fate in countries like Libya, Yemen and Colombia.

In month of May, the company has also doubled its estimates for discovering oil near Bakersfield, California. It said that the total capacity of the reserve was 500 million barrels of oil.