October 25, 2007 |
Rising oil prices and higher production boosted profit at Occidental Petroleum Corp. by 13% to $1.3 billion for the third quarter, the Westwood-based oil company said Wednesday. Occidental's net income for the three months ended Sept. 30 was equal to $1.58 a share, and was up from $1.17 billion, or $1.36 a share, in the same quarter last year. The per-share income was disproportionately higher because the company had been buying back stock, which reduced the number of shares outstanding.
July 25, 2007 |
Westwood-based Occidental Petroleum Corp. reported a 64% jump in profit for the second quarter Tuesday, as gains from asset sales more than offset a drop in oil and natural gas production. The company said net income rose to $1.41 billion, or $1.68 a share, for the three months that ended June 30, up from $860 million, or 99 cents, in the same quarter last year. Occidental's results included $419 million in after-tax income from an asset swap with BP and the sale of U.S.
July 24, 2007 |
Occidental Petroleum Corp. Chief Executive Ray Irani, who collected more than $55 million in compensation last year, appears destined to become one of the nation's highest-paid octogenarians. Under a newly extended contract with the Westwood-based oil company, Irani, 72, is set to keep his job -- and continue to earn top-dollar payouts -- past his 80th birthday in 2015.
May 17, 2007 |
A proposal by Occidental Petroleum Corp. to build a refinery on Panama's Pacific Coast moved closer to reality this week with the signing of a memorandum of understanding with Qatar's state oil company to form a partnership to build the $7-billion project if feasibility studies prove positive. In a signing ceremony Tuesday in Panama City attended by Panamanian President Martin Torrijos, executives of Westwood-based Occidental and Qatar Petroleum Co.
May 11, 2007 |
Members of indigenous communities in the Peruvian Amazon region sued Occidental Petroleum Corp. on Thursday, claiming the oil company's operations caused pollution that has sickened residents and killed a 6-year-old boy. The potential class-action lawsuit, filed in Los Angeles Superior Court, was brought by Tomas Maynas Carijano, identified as a spiritual leader among the Achuar people in northeastern Peru, and 24 others who were not identified by name.
May 5, 2007 |
Shareholders of Occidental Petroleum Corp. gathered Friday to hear details behind another great year in the oil business. But the celebratory mood didn't last. A group from Peru and a handful of celebrities took to the microphones during Occidental's annual meeting to accuse the oil company of causing and then ignoring pervasive health and environmental problems in a remote region of the Amazon where Occidental drilled for 30 years.
May 2, 2007 |
Occidental Petroleum Corp. and London-based BP will swap oil and natural-gas assets in the Permian Basin and the Gulf of Mexico. Occidental will get BP assets that include the Seminole San Andres unit and Sheep Mountain as well as numerous interests in the Cowden area that are adjacent to and complement its assets in the Permian Basin of West Texas and New Mexico, the Westwood-based company said. BP will receive Occidental's one-third interest in the Horn Mountain property in the Gulf of Mexico.
April 25, 2007 |
Occidental Petroleum Corp. reported a slight decline in first-quarter profit Tuesday, citing a decrease in domestic crude oil production and prices that fell from their 2006 peaks. Crude oil prices have recovered recently, reaching $65.89 a barrel Monday, but they are still down more than 14% from their July 2006 record high of $77.03.
February 9, 2007 |
Occidental Petroleum Corp. said it wouldn't meet supply commitments to its customers after a fire that idled most output from its Elk Hills field near Bakersfield. The Westwood-based company has called a force majeure, a provision declared when an event beyond a supplier's control prevents it from meeting its contract obligations, spokeswoman Jan Sieving said Thursday. A natural-gas pipeline leak caused the fire Tuesday and led to the field's shutdown.
October 19, 2006 |
Occidental Petroleum Corp. said Wednesday that higher oil prices boosted third-quarter sales, but profit for the period fell 33% compared with a year earlier, when net income was amplified by one-time gains. The Westwood-based company reported net income of $1.17 billion, or $1.36 a share, for the three months that ended Sept. 30. In last year's third quarter, the company posted profit of $1.75 billion, or $2.