Houston’s Occidental Petroleum profits soar as U.S. production rises [Houston Chronicle]
Occidental said its fourth quarter profits jumped 42 percent to $706 million from $497 million in same quarter in 2017. It’s annual profit more than tripled to $4.1 billion from $1.3 billion in 2017.
Occidental, which has a stock market value of $49 billion, easily beat
The exploration and production company has a large presence in
EARNINGS: Huntsman revenue up, profits down in 2018
Total oil and gas production for the company was up nearly 13 percent, producing 700,000 barrels per day in the fourth quarter of 2018.
While prices fell in the fourth quarter, Occidental said it realized higher prices for its oil over the entire year. In
Occidental’s stock closed at $65.75 per share on Tuesday, before the company released its earnings.
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