Friday, April 27, 2012

Occidental Petroleum Announces First Quarter of 2012 Income

* Q1 2012 net income of $1.6 billion ($1.92 per diluted share)

* Q1 2012 total daily oil and gas production of 755,000 barrels of oil equivalent, the highest in Occidental’s history

* Q1 2012 domestic daily oil and gas production of 455,000 barrels of oil equivalent, record for the 6th consecutive quarter.

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Occidental Petroleum Corp. (NYSE:OXY) announced net income of $1.6 billion ($1.92 per diluted share) for the first quarter of 2012, compared with the first quarter of 2011 net income of $1.5 billion ($1.90 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, “For the quarter, we generated strong results with diluted EPS of $1.92 per share, cash flow from operations of $2.8 billion and annualized ROE of 16 percent. We increased our annual dividend rate by $0.32 per share, or 17 percent, to $2.16 per share.

“Our first quarter total company production of 755,000 barrels of oil equivalent per day was the highest in Occidental’s history and our domestic production of 455,000 barrels of oil equivalent per day was a record for the sixth consecutive quarter. We are the largest liquids producer in the lower 48 states and we increased our domestic liquids production by 6,000 barrels per day from the fourth quarter of 2011 and 35,000 barrels a day, or 12 percent, from the first quarter of 2011.”

Read the entire earnings report at oxy.com

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