Occidental Petroleum's profit rises 74%

LOS ANGELES (Dow Jones/AP) _ Occidental Petroleum Corp.&#39;s fourth-quarter profit improved 74 percent amid higher prices for crude oil, natural gas and chemicals. <br/><br/>The petroleum company said

Monday, January 24th 2005, 9:30 am

By: News On 6


LOS ANGELES (Dow Jones/AP) _ Occidental Petroleum Corp.'s fourth-quarter profit improved 74 percent amid higher prices for crude oil, natural gas and chemicals.

The petroleum company said Monday its net income increased to $665 million, or $1.64 a share, from $382 million, or 97 cents a share, in the fourth quarter a year ago.

The latest period includes total charges of about $69 million, or 17 cents a basic share.

The Los Angeles-based company's profit before items totaled $1.85 a share, below Wall Street's earnings estimate of $1.92 a share, according to a survey of analysts by Thomson First Call.

Occidental calculated its fourth-quarter adjusted earnings by excluding charges from its core earnings of $670 million, or $1.68 a share. A year earlier, Occidental had core earnings of $383 million, or 99 cents a share.

Core earnings exclude the effects of a trust preferred redemption charge and the ``effects of significant transactions and events that vary widely and unpredictably in nature, timing, and amount,'' according to the company.

Fourth-quarter sales climbed 31 percent to $3.08 billion from $2.35 billion.

Sales growth in the oil and gas segment and the company's chemical business contributed to the improvement.

For the full year, Occidental earned $2.5 billion, or $6.21 a share, on revenue of $11.4 billion. Last year it earned $1.5 billion, or $3.93 a share, on sales of $9.2 billion.
logo

Get The Daily Update!

Be among the first to get breaking news, weather, and general news updates from News on 6 delivered right to your inbox!

More Like This

January 24th, 2005

September 29th, 2024

September 17th, 2024

July 4th, 2024

Top Headlines

December 11th, 2024

December 11th, 2024

December 11th, 2024

December 11th, 2024