Recent Ecuadorian President-elect Rafael Correa said he will seek a bigger chunk of oil profits from foreign energy companies when he takes office.

Correa, who was declared the winner of the heated election Tuesday, said he plans to renegotiate oil contracts with foreign producers, when he is sworn into office on Jan. 15.

It’s unclear whether the action could lead to renegotiations with Los Angeles-based Occidental Petroleum Corp., which recorded an after-tax loss of $347 million in its most recent quarter due to the May seizure of its Ecuadorian oil assets.

The South American country, which exports about 500,000 barrels of crude oils per day, terminated Occidental’s operating contract after accusing the company of illegally transferring oil assets without authorization.

An Occidental spokeswoman declined to comment on the development.

Shares in Occidental were up 99 cents to $49.16 in early trading Wednesday.