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CORRECTED-UPDATE 1-Occidental sees lower 1st-qtr Colombian output
March 28, 2012 / 12:01 AM / 6 years ago

CORRECTED-UPDATE 1-Occidental sees lower 1st-qtr Colombian output

March 26 (Reuters) - Occidental Petroleum Corp said it expects Colombian output to be lower in the first quarter due to repeated pipeline disruptions by insurgent activity, but the fourth-largest U.S. oil company sees growth in U.S. production.

The company now expects its first-quarter Colombian production volumes to be 23,000 barrels per day (bpd), down from 28,000 bpd in the fourth quarter.

For the first half of 2012, Occidental expects its U.S. production to grow every quarter by 6 to 8 thousand barrels of oil equivalent per day (mboe/d).

The Los Angeles-based company’s current quarterly domestic production averages 449 mboe/d.

Riding on the boom in oil prices, it continues to expect 8 percent to 10 percent growth in 2012 U.S. production that it had forecast earlier in January.

Occidental shares, which have gained about a third of their value in the last six months, closed at $99.17 on Monday on the New York Stock Exchange.

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