Occidental Petroleum posts higher fourth-quarter profit

Thu Jan 30, 2014 7:14am EST

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.