On May 20, 2013, the shares of
Occidental Petroleum Corporation
) climbed to its 52-week high of $93.74 primarily driven by
robust performance in the first quarter of 2013. The company's
performance is based on strong results by its domestic operations
and rise in domestic natural gas prices. Its marketing and
trading operations also contributed significantly in the
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Occidental Petroleum also implemented several cost-cutting
measures, including reduction of domestic wells to manage higher
international operating expenses from its planned maintenance
turnarounds in Qatar.
The company is an organization with higher operating efficiencies
and stable capital investment programs. In the forthcoming
quarters, we expect steady production growth from its diversified
asset-base located at different regions, which would lead to
improved operating results.
During the first three months of 2013, Occidental Petroleum's
cash from operations were $2.7 billion. Strong financial position
allows the company to follow steady growth strategy.
Occidental Petroleum's projects are not only limited in the U.S.,
the company also continues to strengthen its footprint in the
Middle East as well as North Africa through acquisitions and
joint ventures. We believe steady progress at the Al Hosn gas
project in Abu Dhabi and development at the Russian Creek will
likely boost the company's future performance.
Going forward, we expect incremental dividend payments to make
the stock more attractive for the investors.
Occidental Petroleum currently has a Zacks Rank #3 (Hold). Apart
from the company, other stocks in the sector that are worth
EPL Oil & Gas, Inc.
Sandridge Mississippian Trust II
) with a Zacks Rank #1 (Strong Buy) and
) with a Zacks Rank #2 (Buy).