(Reuters) -U.S. shale firm Occidental Petroleum ( OXY ) said on Wednesday the prices it received for oil and gas production during the first quarter were higher than in the preceding three months.

Benchmark Brent crude prices averaged $74.98 a barrel during the first quarter, up 1.3% from the prior quarter, while U.S. natural gas prices jumped 30%, helped by higher demand from a cold winter in the country.

Occidental said its average realized price for oil output was $71.07 per barrel, compared to $69.73 per barrel it realized during the last quarter of 2024.

Meanwhile, its average realized price for total natural gas production rose to $2.30 per thousand cubic feet (Mcf) from $1.26 per Mcf during the quarter ended December 31.