UPDATE 1-Occidental Q1 profit rises with oil price

* Q1 EPS $1.32

* Q1 oil and gas output up 5 pct

NEW YORK, April 29 (BestGrowthStock) – Occidental Petroleum Corp
(OXY.N: ), the fourth-largest U.S. oil and gas company, reported
on Thursday a sharp rise in profits that was driven by a
near-doubling in oil prices, offsetting lower earnings from its
chemicals business.

First-quarter net profit climbed to $1.1 billion, or $1.32
per share, from $371 million, or 45 cents per share, in the
same quarter a year before.

Oil and gas production averaged 743,000 barrels of oil
equivalent per day in the quarter, up 5 percent from a year
before.

Investment Advice

(Reporting by Matt Daily, additional reporting by Braden
Reddall in San Francisco, editing by Gerald E. McCormick)

UPDATE 1-Occidental Q1 profit rises with oil price