Shares of Occidental Petroleum Corp. rose slightly Wednesday on reports the oil company may be the target of a takeover.

The Los Angeles oil company, the fourth largest in the U.S., may be an appealing acquisition to a larger European firm due to its strong presence in the U.S. oil market, where it produces more than 60 percent of its oil, according to a Bloomberg News report.

Bloomberg pegged the company’s value at roughly $50 billion. Shares in the company closed up 3.2 percent on Wednesday to $48.10, giving it a market value of $39.2 billion. The company reported net income of $5.3 billion in 2005 on revenues of $16.2 billion.

The report also said the company may be attracting attention due to Chief Executive Ray Irani’s plans to raise the company’s output by as much as 13 percent annually by 2010, thanks to projects in the United Arab Emirates, Argentina and Qatar.

Occidental issued a statement saying it does not comment on takeover rumors.