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Occidental Petroleum 1Q Profit Up 0.7% On Higher Production

DOW JONES NEWSWIRES Occidental Petroleum Corp.'s (OXY) first-quarter earnings edged up 0.7% as the exploration and production company benefited from higher production and strong oil prices. Occidental's heavy investment in the U.S.--in California, Texas and the interior of the country--has boosted production recently. Last week, Moody's Investors Service raised Occidental's rating a notch, partly due to the company's significant cash reserves. Average daily oil and natural-gas production grew 3.4% from a year earlier to 755,000 barrels of oil equivalent per day. Average prices increased 17% for oil, while natural-gas liquids prices edged down 0.3% worldwide. Natural-gas prices dropped by nearly a third. Occidental reported a profit of $1.6 billion, or 1.92 a share, up from $1.55 billion, or $1.90 a share, a year earlier. Excluding prior-year write-downs, year-earlier earnings from continuing operations were $1.96. Revenue grew 9.4% to $6.27 billion. Analysts polled by Thomson Reuters were expecting earnings of $1.92 a share on revenue of $6.13 billion. Revenue in the company's main oil and gas segment rose 12% as profit increased 1.4%. Chemical sales fell 1.4% while profit was down 16%. Shares closed at $90.11 Wednesday and were inactive in recent premarket trading. The stock has fallen 3.8% this year, trailing the broader market. --By Anne Pallivathuckal and Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com

Stock News for Occidental Pet (OXY)
DateTimeHeadline
12/09/201422:56:47Phibro To Shut US Business
11/07/201417:52:15Colombian Rebel Attacks Set Back Nation
11/02/201408:30:24Occidental Finalizes Deal to Sell Shah Stake to Abu Dhabi's Mubadala...
10/23/201409:49:25U.S. Hot Stocks: Hot Stocks to Watch
10/02/201417:25:21Occidental Increases Buyback Authorization
09/09/201416:33:12Astenbeck Hedge Fund Cuts Back Bets, Boosts Cash -- Update
07/10/201417:01:39Occidental Names Company Veterans to Head Planned California...
05/05/201409:40:04U.S. Hot Stocks: Hot Stocks To Watch
04/25/201419:56:22Colombia's U'wa Indians Continue Oil Protests After Talks Fail
04/24/201422:40:13Colombia Aims to End Oil Companies, Indians Standoff
04/24/201421:57:32Colombia Aims to End Standoff Between Oil Companies, Indians...
04/24/201420:50:47Colombia Aims to End Standoff Between Oil Companies, Indians
03/07/201419:51:28Astenbeck Capital Management Gained 7.7% in February -Reuters
02/25/201409:10:22Eni Threatens to Quit Iraq
02/14/201409:26:28Occidental to Split Calif. Operations Into Separate Business
02/05/201409:54:25NuStar Energy Reaches Deal With Occidental to Reactivate Pipeline...
11/15/201309:19:41Omega Advisors 3Q 13F: Largest Eliminations
11/15/201309:19:36Omega Advisors 3Q 13F: Holdings As Of Sep 30
11/15/201309:18:03OZ Management LP 3Q 13F: Largest Eliminations
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Largest Sales

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