Rising Oil Prices Lift Occidental’s Earnings 52%
April 25, 2008
Occidental Petroleum said Thursday rising production and prices for oil and natural gas lifted first-quarter earnings by 52 percent, with even more price hikes expected to boost cash flows further.
Los Angeles-based Occidental Petroleum Corp. earned $1.85 billion, or $2.23 per share, compared with $1.21billion, or $1.43 per share, in the year-ago quarter.
Revenue jumped 50 percent to $6.02 billion, from $4.02billion.
Thomson Financial said analysts expected a profit of $1.98 per share on revenue of $6.28 billion.
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