April 15, 2013 |
The nation's fourth biggest oil company, Occidental Petroleum Corp., is primarily involved in oil and natural gas exploration and production. It is also a major manufacturer of oil-related chemicals. The Westwood company said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day at the end of 2012, setting a record for the ninth straight quarter. But Occidental's stock performance hasn't been as good as that of others in the industry.
January 31, 2013 |
Occidental Petroleum Corp. reported better-than-expected fourth-quarter earnings on Thursday, sending its stock up on Wall Street. The Westwood-based company, already the biggest producer of oil inside the U.S., said its domestic production of oil and natural gas rose to the equivalent of 475,000 barrels of oil a day, setting a record for the ninth straight quarter. Occidental's fourth-quarter net income, reduced by $1.1 billion in after-tax charges, fell 79% to $336 million, or 42 cents a share, from $1.63 billion, or $2.01 a share, a year earlier.
October 5, 2012 |
A World Bank arbitration panel ordered Ecuador to pay Occidental Petroleum Corp. $1.77 billion to settle a contract dispute. The International Center for Settlement of Investment Disputes, known as ICSID, said Ecuador breached Los Angeles-based Occidental's contract by failing "to accord fair and equitable treatment. " Ecuador Atty. Gen. Diego Garcia said Friday that the South American country "categorically rejects" the decision and may seek its annulment. Ecuador stripped Occidental of its oil concession in 2006 over an alleged contract breach, prompting the company's complaint to the panel.
July 26, 2012 |
Crude prices fell by more than 29% between late February and late June, and that was enough to ensure that the oil companies would see lower second-quarter profits compared with 2011. But in an economy that is still struggling to gain momentum, the industry is still posting numbers that many other businesses would love to have. Occidental Petroleum, for example, posted a second-quarter net profit of $1.3 billion, or $1.64 a share, the company announced in a statement. That was a decline of 27.7% compared with the $1.8 billion, or $2.23 a share, the company earned a year earlier.
July 20, 2012 |
Occidental Petroleum on Friday announced that former Goldman Sachs managing director Cynthia L. Walker will officially become an executive vice president and its chief financial officer on Aug 6. Walker, 35, in a 12-year stint with Goldman Sachs provided clients with strategic advice in high-profile energy industry transactions as a senior member of the Global Natural Resources Group located in Houston. Walker also served as a member of Goldman Sachs' Mergers and Acquisitions Group.
April 27, 2012 |
Occidental Petroleum Corp. posted a slight increase in first-quarter profit on higher oil prices and record production as energy giants Exxon Mobil Corp. and Royal Dutch Shell reported lower net income. Westwood-based Occidental, the fourth-largest U.S. oil company, said it generated net income of $1.56 billion in the first quarter, or $1.92 a share, up from $1.55 billion, or $1.90, in the same quarter of 2011. Revenue jumped to $6.27 billion from $5.73 billion a year earlier. Occidental Chief Executive Stephen I. Chazen said production rose to the equivalent of 755,000 barrels of oil a day, "the highest in Occidental's history," from 730,000 barrels a day in the first quarter of 2011.