Occidental Petroleum 2Q profit sets record

[July 24, 2008]  HOUSTON (AP) -- Oil producer Occidental Petroleum Corp. says its second-quarter profit rose 62 percent as record crude prices and higher production propelled results.

The Los Angeles-based company said Thursday it earned a record $2.29 billion, or $2.78 per share, in the April-June period, compared with $1.41 billion, or $1.68 per share, in the year-ago quarter.

The company says revenue jumped 61 percent to $7.12 billion from $4.41 billion a year ago.

Analysts polled by Thomson Financial on average expected earnings of $2.71 per share on sales of $6.8 billion in the most recent quarter.

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[Associated Press]

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