Occidental Posts 74 Percent Profit Surge on Higher Oil, Gas Prices

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Occidental Petroleum Corp.’s fourth-quarter profit rose 74 percent, as the company benefited from higher prices for crude oil and natural gas.


The L.A.-based oil and gas exploration company on Monday reported net income of $665 million ($1.64 a diluted share) for the period ended Dec. 31, up from $382 million (97 cents a share) in the fourth quarter one year ago.


The latest period includes total charges of about $69 million, or 17 cents per share, the company said. Analysts polled by Thomson First Call were expecting, on average, net income of $1.92 excluding the charges.


Net sales in the fourth quarter rose to $3.08 billion from $2.35 billion a year earlier, with the oil and gas unit accounting for $2.07 billion and the chemical unit accounting for $985 million.


For the full year, Occidental earned $2.49 billion ($6.21 a diluted share), up from $1.53 billion ($3.93 a share) in 2003. Revenue rose to $11.37 billion from $9.24 billion.


Occidental’s share price edged up 0.8 percent to $58.08 during midday trading on Monday.

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