BRIEF-OXY sees costs under $14/boe in 2013 vs $14.99 in 2012

Thu Jan 31, 2013 12:47pm EST

Jan 31 (Reuters) - Occidental Petroleum Corp : * Expects production costs to be under $14/barrel of oil equivalent in 2013,

versus $14.99 for 2012 -slide * Halfway towards target of reducing U.S. drilling costs by 15 percent in 2013

-slide * Expects to announce further dividend increase after board meeting in 2nd week

of February -slide * Reserve replacement ratio for 2012 was about 143 percent of production -slide * Sees U.S. oil production for 2013 growing by 8-10 percent from 2012 average,

flat production internationally -slide * Estimates 2013 total capital spending of $9.6 billion -slide * Says almost all of the 6 percent reduction in capital spending for 2013 will

be made in U.S. operations -slide * CEO says nothing now on horizon in terms of m&a, which would likely be in

permian basin * CEO says you should expect double-digit growth in the dividends going forward

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