By Dow Jones Business News, October 29, 2013, 08:35:00 AM EDT
Occidental Petroleum Corp.'s ( OXY ) third-quarter earnings rose 15% as increased production and higher domestic oil and
gas realized prices helped buoy revenue.
Occidental's realized price for worldwide crude oil increased almost 8%, while domestic crude prices were up by more
Its heavy investment in the U.S., in areas like California, Texas and the interior part of the U.S., has boosted
Occidental Petroleum reported a profit of $1.58 billion, or 1.96 a share, up from $1.38 billion, or $1.69 a share, a
year earlier. Revenue increased 8.1% to $6.45 billion.
Analysts polled by Thomson Reuters recently expected per-share earnings of $1.90 and revenue of $6.4 billion.
Occidental Petroleum recently unveiled plans to divest itself of some assets, including reducing its stake in Plains
All-American Pipeline LP (PAA), part of the energy producer's effort to streamline its operations and reduce its
exposure to political risk. As part of the initial phase of the review, Occidental had planned to pursue a sale of a
minority interest in its Middle East/North Africa operations as well as pursue strategic alternatives for certain
Midcontinent assets in North America, including oil and gas interests in the Williston Basin, Hugoton Field, Piceance
Basin and other Rocky Mountain assets.
Shares closed Monday at $97.54 and were inactive in recent premarket trading. The stock is up 27% this year.
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