August 8, 2018 / 8:42 PM / 4 months ago

Occidental Petroleum profit beats expectations on rising oil price

FILE PHOTO The Occidental Petroleum Corp headquarters is pictured in Los Angeles, California September 16, 2013. REUTERS/Mario Anzuoni/File Photo

(In this Aug 8 story clarifies that production rose in paragraph one. In paragraph four, corrects to production rose, not fell, and that output increased in Oman, not decreased.)

HOUSTON (Reuters) - U.S. oil producer Occidental Petroleum Corp posted a better-than-expected quarterly profit on Wednesday on rising crude prices and production.

The company posted net income of $848 million, or $1.10 per share, compared to $507 million, or 66 cents per share, in the year-ago period.

Excluding one-time items, the company earned $1.22 per share. By that measure, analysts expected earnings of $1.21 per share, according to Thomson Reuters I/B/E/S.

Production rose 6 percent to 639,000 barrels of oil equivalent per day. Output jumped in the Permian and Oman, a key international area of operations for the company.

Shares of the company, the largest oil producer in the Permian Basin of West Texas and New Mexico, fell 2 percent to $79.42 in after-hours trading.

Houston-based Oxy also said it would sell its Ingleside, Texas, crude export facilities in a deal worth about $2.6 billion.

The company plans to hold a conference call to discuss quarterly results on Thursday morning.

Reporting by Ernest Scheyder; Editing by Alistair Bell and Tom Brown

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