Jan 30 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.