Occidental Fourth-Quarter Profit Soars

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Occidental Petroleum Corp. said its fourth-quarter profit soared 55 percent, fueled by higher oil and gas prices and gains in production.


The Los Angeles-based oil company reported fourth-quarter net income of $1.15 billion ($2.80 per share), compared with $742 million ($1.83) for the same period a year earlier. Revenues rose 40 percent to $4.33 billion from $3.08 billion in the year-prior period.


Analysts had expected earnings of $2.76 per share on revenue of $4.27 billion.


The company reported fourth quarter worldwide production of 589,000 barrels of oil equivalent per day, a gain of 5.6 percent from 558,000 barrels a year earlier.


Oil and gas segment earnings rose 57 percent to $1.86 billion for the fourth quarter, compared with $1.18 billion one year prior. Chemical segment earnings were $165 million, compared with $125 million for the fourth quarter of 2004.


Shares of Occidental fell 4.1 percent to settle at $90.10 on Tuesday.

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