Occidental Petroleum 1Q earnings grow 46 percent

AP News
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Posted: Apr 28, 2011 7:54 AM
Occidental Petroleum 1Q earnings grow 46 percent

Occidental Petroleum Corp.'s first-quarter earnings jumped 46 percent as oil prices rose and the company increased production in the Middle East.

The Los Angeles oil and natural gas producer on Thursday reported net income of $1.55 billion, or $1.90 per share. That compares with $1.06 billion, or $1.31 per share, for the same quarter in 2010. Revenue increased 24 percent to $5.73 billion.

Excluding discontinued operations, Occidental made $1.72 per share. Analysts had expected earnings of $1.77 per share on revenue of $5.28 billion.

Occidental said crude prices increased 24 percent to $92.14 per barrel in the quarter. Natural gas liquids prices rose 11 percent to $52.64 per barrel. Natural gas prices fell, however, by 25 percent to $4.21 per 1,000 cubic feet.