Occidental Petroleum Corp. on Tuesday said that its earnings jumped 28 percent in the third quarter because of increased production and higher prices for oil and natural gas.

The Los Angeles energy company reported net income of $1.19 billion ($1.46 per share), compared with net income of $927 million ($1.14) a year earlier. Revenue rose more than 19 percent to $4.9 billion.

Analysts surveyed by Thomson Reuters on average had expected per-share profit of $1.34 on revenue of $4.75 billion.

The company also received about $8 more per barrel of oil and $1.16 more per 1,000 cubic feet of gas than a year ago. Occidental’s oil fields produced roughly 751,000 barrels of oil per day, 6.5 percent more than a year earlier and a company record. It has said in the past that it should be able to increase oil and gas production 5 to 8 percent per year.

Shares were down $3.98, or 4.6 percent, to $81.47 in midday trading on the New York Stock Exchange.

For reprint and licensing requests for this article, CLICK HERE.