Occidental Petroleum

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.

Occidental Petroleum shareholders ousted Chairman and former Chief Executive Ray Irani in a dramatic annual meeting that signaled the end of an era for the storied oil and gas producer. It concluded a nearly three-decade run as a director of the Los Angeles company for the 78-year-old Irani. He first took the reins as CEO in 1990 from oil industry legend Armand Hammer. Back then, Occidental was considered something of a joke in the industry, with far-flung holdings in such odd areas as film production and horse and cattle breeding.

Occidental Petroleum shareholders ousted Chairman and former Chief Executive Ray Irani in a dramatic annual meeting that signaled the end of an era for the storied oil and gas producer. It concluded a nearly three-decade run as a director of the Los Angeles company for the 78-year-old Irani. He first took the reins as CEO in 1990 from oil industry legend Armand Hammer. Back then, Occidental was considered something of a joke in the industry, with far-flung holdings in such odd areas as film production and horse and cattle breeding.

The company: Occidental Petroleum Corp. Headquarters: Westwood Ticker: OXY Employees: 12,300 Leadership: Executive Chairman Ray R. Irani, Chief Executive Stephen I. Chazen 2012 revenue: $24.2 billion 2012 net income: $4.6 billion Stock price: $83.39 at Friday's close 52-week range: $72.43 to $93.78 P/E ratio: 12, based on 2013 earnings estimates Dividend: 64 cents a...

Occidental Petroleum Corp. reaped lucrative profits in 2011 -- and the energy company reduced its new chief executive's compensation. Stephen I. Chazen, who took over the chief executive job in May from Ray R. Irani, received a compensation package worth $31.7 million last year compared with the $38.1 million in 2010 when he was president, the Westwood energy company said in a Securities and Exchange Commission filing. After years of shareholder criticism about how much Occidental paid its top officers, the fourth-largest U.S. oil company decided in 2010 to change how it determined executives' payout to make it more difficult to receive maximum compensation.

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.

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.

Question: I am a longtime shareholder of Occidental Petroleum Corp. What do you think of my stock? Answer: This Los Angeles-based energy company has a strong balance sheet, little debt and plenty of cash, plus industry-leading technology effective in tapping older oil and gas assets. However, it must compete against much larger global players with greater financial clout in a field that is subject to volatility in demand and pricing. That could make a difference as resources become less available in the future.

Occidental Petroleum Corp. said Monday that it added 40% more oil and gas to its worldwide reserves last year than it removed for processing and sale, a sign that the company could have higher production rates in the next few years. The Los Angeles-based oil and natural gas producer said it added the equivalent of 263 million barrels of oil to its inventory last year, bringing Occidental's total reserves to the equivalent of 2.31 billion barrels of oil.

Higher oil prices and record production helped propel Occidental Petroleum Corp. to a 28% jump in third-quarter earnings, the company said Tuesday. The earnings results came a week after Occidental announced that Chief Executive Ray R. Irani would be stepping down from that post during the company's annual meeting in May but would remain as chairman. In a conference call with investors and analysts, the 77-year-old CEO couldn't resist the chance to highlight the Westwood company's gains during his tenure.

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.

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.

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.

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.

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.

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.

Occidental Petroleum Corp. said today it will buy embattled Citigroup Inc.'s commodities trading unit, which has drawn fire for its compensation practices. Los Angeles-based Occidental said its net investment in Citigroup's Phibro unit would be about $250 million, which represents the difference in value between the trading firm's assets and liabilities. Phibro's assets consist primarily of cash and marketable securities, Occidental spokesman Richard Kline said. Adding Phibro to its stable will essentially double the size of Occidental's existing energy trading business, Kline said.

Occidental Petroleum Corp., the nation's fourth-largest oil company, saw a slight increase in first-quarter profits compared to a year ago and set records in oil and natural gas production, the company said in a news release Thursday. The Westwood-based company said it generated a net profit of $1.56 billion in the first quarter, or $1.92 a share. That compared to the 2011 results of $1.55 billion and $1.90 a share. Sales jumped to $6.27 billion compared to $5.73 billion a year earlier.

Occidental Petroleum Corp. reaped a bigger profit in 2011 — and the energy company reduced its new chief executive's compensation. Stephen I. Chazen, who took over the chief executive job in May from Ray R. Irani, received a compensation package worth $31.7 million last year, compared with $38.1 million in 2010 when he was president, the Westwood energy company said in a Securities and Exchange Commission filing Tuesday. After years of shareholder criticism about how much Occidental paid its top officers, the fourth-largest U.S. oil company decided in 2010 to change how it determined executives' payout to make it more difficult to receive maximum compensation.