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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
03/24/201517:03:11Proxy Statement (definitive) (def 14a)
03/22/201519:38:50U.S. Oil Export Ban: Are There Reasons Not To Repeal?
03/19/201520:25:18Better 4% Dividend Stock: ConocoPhillips Or Occidental Petroleum?
03/18/201518:04:59WTI - It's About Dollar Strength
03/03/201505:49:00U.S. Oil Growth Slows: Whither The Fields Of Glory?
03/02/201505:05:22Crude Oil Prices And Debt
02/25/201523:38:12Super Top End Concentrated FRAK Is On Course For Higher Prices
02/24/201518:32:35Why Occidental Petroleum Looks Set To Bounce Back This Year
02/23/201516:29:44Annual Report (10-k)
02/12/201507:00:00Occidental Petroleum Announces Dividend
02/10/201516:02:29Amended Statement of Ownership (sc 13g/a)
02/09/201506:02:54Amended Statement of Ownership (sc 13g/a)
02/04/201514:21:31Annual Statement of Changes in Beneficial Ownership (5)
02/02/201521:18:16Exxon's Profit Drops 21% As Production Declines -- 3rd Update
01/29/201508:19:15Occidental Swings to Loss, Posts Big Write-Down on Commodities...
01/29/201507:10:33Current Report Filing (8-k)
01/29/201507:05:00Occidental Petroleum Replaces 174 Percent of 2014 Production
01/29/201507:00:00Occidental Petroleum Announces 4th Quarter and Twelve Months...
01/28/201513:14:36Argentina's YPF, China's Sinopec to Join in Oil-and-Gas Projects
01/13/201509:00:00Occidental Petroleum 4th Quarter 2014 Results to be Announced...

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