Occidental Petroleum posts higher fourth-quarter profit
Jan 30 (Reuters) - Occidental Petroleum Corp said its fourth-quarter profit jumped from a year earlier when it wrote down the value of gas properties in the U.S. midcontinent by $1.1 billion.
Net income rose to $1.64 billion, or $2.04 cents per share, in the quarter ended Dec. 31, from $336 million, or 42 cents per share, a year earlier.
The profit included a $665 million after-tax gain from the sale of a part of its stake in the general partner of pipeline company Plains All American Pipeline LP and an after-tax charge of $395 million related to the impairment of certain domestic oil and gas assets.
Net sales at the fourth-largest U.S. oil and gas company were flat at $6.17 billion.
- More troops deployed in Ferguson to guard against fresh riots |
- Merkel hits diplomatic dead-end with Putin
- Jewish-nation bill frays Israel's delicate social fabric
- Ukraine reports new arrivals of Russian supplies for eastern rebels |
- Gunshots echo as violence returns to Ferguson, protests across U.S.
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video