Press Esc to close

WorldOil

World Oil News Center



Occidental profit rises on higher gas prices, increased crude output

BRADLEY OLSON

LOS ANGELES (Bloomberg) -- Occidental Petroleum Corp. said first-quarter profit rose slightly on higher natural gas prices and increased crude production in the U.S.

Net income rose to $1.39 bn or $1.75 a share, from $1.36 bn, or $1.68, a year earlier, Los Angeles-based Occidental said in a statement. Per-share profit excluding one-time items was 5 cents higher than the $1.70 average of 24 analysts’ estimates compiled by Bloomberg.

CEO Stephen I. Chazen is pursuing a restructuring plan to turn around an 18% decline in its stock that began when he took over the top post in May 2011. Occidental plans to separate its California business to form a new company called California Resources Corp. by early next year. It’s also seeking to sell as much as a 40% stake in its operations in the Middle East and North Africa.

Brent crude, the global benchmark, averaged about $108 a barrel in the January-to-March period, a 4.2% decline. The average price of natural gas futures traded in New York rose 36% from a year earlier to $4.72 per million British thermal units during the period.

Earnings were announced before regular trading began in U.S. markets. Occidental fell 0.6% to $94.44 in New York on May 2. The Los Angeles-based company, which has 19 buy ratings and 12 holds from analysts, has fallen 0.7% this year.

05/05/2014

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS

Upcoming Events