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Occidental Petroleum 4Q Net Up 35% On Higher Oil Prices

DOW JONES NEWSWIRES Occidental Petroleum Corp.'s (OXY) fourth-quarter earnings rose a better-than-expected 35% as higher selling prices for oil and natural-gas liquids continued to bolster revenue. Occidental's earnings also have continued to improve on increased production in the U.S. and as the company has posted strong results in its chemicals business. The company in October took the first step toward restarting production at a Libyan oilfield it partially owns, making it the first U.S. company to get some Libyan crude production going again since Moammar Gadhafi's overthrow. Average daily oil and natural-gas production grew 4.8% from a year earlier to 748,000 barrels of oil equivalent per day on higher domestic volume, partially offsetting lower volume in the Middle East, North Africa and Colombia. Average prices increased 25% for oil, while natural-gas liquids prices rose 12% worldwide. Occidental reported a fourth-quarter profit of $1.63 billion, or $2.01 a share, up from $1.21 billion, or $1.49 a share, a year earlier. Per-share earnings from continuing operations rose to $2.02 from $1.47, as revenue improved 19% to $6.03 billion. Analysts polled by Thomson Reuters expected a $1.95 per-share profit with revenue of $5.77 billion. Revenue in the company's main oil and gas segment rose 27% as profit increased 52%. Chemical sales grew 9.8%, pushing profit up 30%. Shares closed at $100.92 Tuesday and were inactive premarket. The stock has risen 19% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Occidental Pet (OXY)
DateTimeHeadline
12/01/201617:01:22Statement of Changes in Beneficial Ownership (4)
11/28/201615:53:59Statement of Changes in Beneficial Ownership (4)
11/22/201616:07:39Statement of Changes in Beneficial Ownership (4)
11/17/201617:04:39Statement of Changes in Beneficial Ownership (4)
11/15/201617:54:20Statement of Changes in Beneficial Ownership (4)
11/10/201614:56:48Statement of Changes in Beneficial Ownership (4)
11/08/201615:56:23Amended Statement of Ownership (sc 13g/a)
11/07/201617:38:31Current Report Filing (8-k)
11/04/201606:05:54Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/03/201617:22:26Statement of Changes in Beneficial Ownership (4)
11/02/201617:27:50Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
11/02/201609:18:10Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
11/01/201616:10:12Quarterly Report (10-q)
11/01/201611:05:00Occidental Petroleum Posts Third-Quarter Loss
11/01/201607:00:34Current Report Filing (8-k)
11/01/201607:00:00Occidental Petroleum Announces 3rd Quarter 2016 Results
10/31/201618:10:00Occidental Petroleum Acquires Permian Basin Assets for $2 Billion
10/31/201618:02:00Occidental Petroleum Acquires Permian Basin Assets for $2 Billion
10/31/201617:18:00Occidental Petroleum Acquires Permian Basin Assets for $2 Billion
10/31/201616:14:26Current Report Filing (8-k)

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