UPDATE 1-Oxy says output may grow 9 pct a year through 2014

* CEO targets 6-9 pct compound annual growth through 2014

* Capital spending of $27.5 bln planned over next 5 years

* Oxy shares down 1.3 pct in early trading

SAN FRANCISCO, May 19 (BestGrowthStock) – Occidental Petroleum Corp
(OXY.N: ), the fourth-largest U.S. oil and natural gas company,
expects to grow its production by as much as 9 percent per year
through 2014, or more, driven by growth in California and
Iraq.

The company is targeting output of 756,000 barrels of oil
equivalent per day in 2010, and Chief Executive Ray Irani sees
compound annual growth of 6 to 9 percent through 2014 from
existing properties, assuming oil prices of $75 a barrel.

“Production could grow even in excess of 9 percent,
depending on success in our exploration and asset development,”
Irani said at a meeting with analysts in New York, which was
broadcast online.

Irani said the company expects to see more opportunities in
Abu Dhabi and Oman, as well as in Iraq, where Occidental
already has a stake in the Zubair field.

The Los Angeles-based company expects capital spending of
$27.5 billion over the next five years, with 55 percent going
toward its domestic properties, which include major interests
around California and in the Permian Basin in western Texas and
eastern New Mexico.

Shares of Occidental were down 1.3 percent at $79.90 in
early trading on the New York Stock Exchange.

Stock Market Trading

(Reporting by Braden Reddall, editing by Gerald E. McCormick)

UPDATE 1-Oxy says output may grow 9 pct a year through 2014