Occidental Petroleum boosts 2Q profit 71 percent

AP News
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Posted: Jul 26, 2011 7:47 AM
Occidental Petroleum boosts 2Q profit 71 percent

Occidental Petroleum Corp. says its second-quarter profit jumped 71 percent as the company took advantage of higher oil prices.

The Los Angeles oil and natural gas producer reported earnings of $1.82 billion, or $2.23 per share, for the April-June period. That compares with $1.06 billion, or $1.31 per share, for the same part of 2010. Revenue increased 34 percent to $6.17 billion.

The results beat Wall Street expectations of $2.15 per share on revenue of $5.79 billion, according to FactSet.

Occidental says it sold oil for an average $103.12 per barrel in the second quarter, 39 percent higher than the same period last year. Production rose about 2 percent to 715,000 barrels of oil equivalent per day.