Summary Box: Occidental Petroleum 3Q profit jumps

AP News
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Posted: Oct 19, 2010 3:27 PM
Summary Box: Occidental Petroleum 3Q profit jumps

A NEW RECORD: Occidental Petroleum Corp. set production records for oil and gas in the third quarter, and the Los Angeles company expects to increase production further in the final three months of the year.

A SHIFTING FOCUS: With natural gas prices slumping, Occidental plans to focus more on oil production. Natural gas production should remain flat in the fourth quarter, the company said.

BOTTOM LINE: Occidental's net income rose to $1.19 billion, or $1.46 per share, for the third quarter, up from $927 million, or $1.14 per share, in the same period last year. Revenue increased 19.3 percent to $4.9 billion.

(This version corrects spelling in slug line)