The Wall Street Journal-20080130-Earnings Digest -- Petroleum- Occidental Petroleum

Return to: The_Wall_Street_Journal-20080130

Earnings Digest -- Petroleum: Occidental Petroleum

Full Text (93  words)

Occidental Petroleum said fourth-quarter net income rose 56% on a $1.2 billion increase in gas and oil profit, propelled by higher prices and increased output from its Dolphin project in the United Arab Emirates. The Los Angeles company said its realized price for oil was $80.30 a barrel for the quarter. The quarter's average price for gas was $7.06 per million cubic feet. Oil-and-gas segment earnings rose to $2.6 billion in the quarter reflecting $1.3 billion tied to high crude and gas prices and the Dolphin project, partly offset by higher operating expenses.