(Reuters) - Occidental Petroleum ( OXY ) beat Wall Street estimates for first-quarter profit on Wednesday, helped by higher production and favorable oil and gas prices.

Benchmark Brent crude prices averaged $74.98 a barrel during the first quarter, up 1.3% sequentially, while U.S. natural gas prices have been on an upward trajectory over the past few quarters and touched a two-year high on March 10.

Occidental's average realized price for oil output increased 2% to $71.07 per barrel from the preceeding quarter.

Meanwhile, its average domestic realized price for total natural gas production rose 92% to $2.42 per thousand cubic feet. The company's realized price for natural gas liquids (NGL) was $25.94 per barrel, roughly a 19% quarter-over-quarter increase.

The company reported an adjusted profit of 87 cents per share for the quarter ended March 31, compared with analysts' average estimate of 77 cents a share, according to data compiled by LSEG.