August 8, 2018 / 8:42 PM / 2 months ago

Occidental Petroleum profit beats expectations on rising oil price

(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.)

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

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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