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Occidental Petroleum Corp

BUSINESS
September 26, 2008 | Elizabeth Douglass, Times Staff Writer
Occidental Petroleum Corp. said Thursday that it would spend $1.25 billion to take full ownership of several U.S. oil and natural gas properties, shoring up its domestic production at a time when the welcome mat is being withdrawn in more countries overseas. Houston-based Plains Exploration & Production Co. agreed to sell its 50% interest in oil and natural gas projects in western Texas, New Mexico and Colorado to the Westwood-based energy company. Occidental, which paid $1.
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BUSINESS
July 25, 2008 | Elizabeth Douglass, Times Staff Writer
Occidental Petroleum Corp. on Thursday posted a record second-quarter profit that jumped 63% from last year as the Westwood company sold more oil and natural gas into a soaring energy market. The company earned $2.3 billion, or $2.78 a share, up from $1.41 billion, or $1.68, for the year-earlier period. The profit was 24% higher than Occidental's record first-quarter results this year and slightly above the average estimate of $2.75 a share from analysts surveyed by Thomson Financial.
BUSINESS
April 25, 2008 | Tiffany Hsu, Times Staff Writer
Buoyed by booming energy prices and output, Westwood-based Occidental Petroleum Corp. said Thursday that first-quarter profit leaped 53% to an all-time high. Analysts predicted continuing good fortune for the company but warned that a slowing global economy could lower demand and prices for crude oil, which averaged $98 for the January-March quarter. Advocacy groups complained that the rosy outlook for Occidental and other oil companies came at a steep price: drivers' suffering.
BUSINESS
January 30, 2008 | Ronald D. White, Times Staff Writer
Record oil prices pushed Occidental Petroleum Corp. to record profit for the fourth quarter and all of 2007, the Westwood company said Tuesday. Occidental earned $1.5 billion, or $1.74 a share, during the fourth quarter of 2007, up from $930 million, or $1.09, during the same three months in 2006. That was well above the $1.69 that had been predicted by analysts polled by Thomson Financial. Net income for the year climbed 29% to $5.4 billion, or $6.44 a share, from $4.2 billion, or $4.
BUSINESS
December 18, 2007 | Elizabeth Douglass, Times Staff Writer
On the heels of an expanded deal in Libya, Occidental Petroleum Corp. on Monday beefed up its holdings closer to home, agreeing to pay $1.55 billion for stakes in oil and natural gas projects in Colorado, New Mexico and West Texas. The agreement with Plains Exploration & Production Co. adds heft to Occidental's domestic operations, which account for two-thirds of the Westwood-based company's daily production and more than 70% of its reserves.
BUSINESS
December 14, 2007 | From Bloomberg News
Occidental Petroleum Corp. said Thursday that Chief Financial Officer Stephen Chazen would take on the additional role of president from Ray Irani. Chazen, who is responsible for Occidental's finances, strategy, corporate development, oil and natural-gas marketing, and chemicals, is now also in charge of oil and gas exploration, Westwood-based Occidental said. Irani will remain chief executive and chairman.
BUSINESS
November 27, 2007 | From Bloomberg News
Occidental Petroleum Corp. said Monday that it would join with Austria's OMV to expand development projects in Libya. But the two oil companies agreed to reduce their share of production from the North African venture in Libya to reflect record prices. Westwood-based Occidental and Vienna-based OMV, which are jointly developing fields in the central region of Sirte, agreed to take a smaller share and increase production from the project, Libya's state-run National Oil Corp. said on its website.
BUSINESS
October 25, 2007 | Elizabeth Douglass, Times Staff Writer
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.
BUSINESS
July 25, 2007 | Elizabeth Douglass, Times Staff Writer
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.
BUSINESS
July 24, 2007 | Elizabeth Douglass, Times Staff Writer
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.
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