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Occidental profits jump 71 percent on higher prices

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[October 28, 2008]  HOUSTON (AP) -- Occidental Petroleum Corp. says its third-quarter profit rose 71 percent, lifted by higher oil and natural gas prices and increased production.

HardwareThe Los Angeles-based exploration and production company says net income for the three months ended Sept. 30 rose to $2.27 billion, or $2.78 a share, versus $1.32 billion, or $1.58 per share, during the same period a year earlier.

Analysts polled by Thomson Reuters had been expecting earnings, on average, of $2.71 per share.

Revenue for the quarter rose to $7.06 billion from $4.84 billion in the year-earlier period. Analysts had forecast revenue of $6.49 billion.

[Associated Press; By JOHN PORRETTO]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.




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