UPDATE 2-Occidental Petroleum profit jumps on oil prices

* Q3 EPS from continuing ops $1.47 tops Street view $1.35

* Revenue up 19 percent to $4.9 billion

* Shares slightly weaker in pre-market trade

(Adds unit details, share price)

NEW YORK, Oct 19 (BestGrowthStock) – Occidental Petroleum Corp
(OXY.N: ), the fourth-largest U.S. oil company, reported on
Tuesday a 28 percent rise in quarterly profit as crude oil
prices rose.

Third-quarter net income climbed to $1.19 billion, or $1.46
a share, from $927 million, or $1.14 per share, a year
earlier.

Net income from continuing operations was $1.47 per share,
topping analysts’ average forecast of $1.35 per share,
according to Thomson Reuters I/B/E/S.

Revenue rose 19 percent to $4.9 billion.

The company’s average crude oil sales price in the quarter
rose to $70.71 per barrel from $62.79 a year ago, while its
average U.S. gas price fell to $3.04 per thousand cubic feet
versus $4.20 a year earlier.

The higher oil price boosted earnings at the oil and gas
producing arm to $1.7 billion from $1.5 billion in the
year-earlier quarter, although rising operating costs limited
the gains.

Oil and gas production volumes averaged 751,000 barrels of
oil equivalent (BOE), compared with 705,000 BOE a year earlier,
boosted by increases in the Middle East and Africa.

Its profit more than doubled at both its chemicals arm and
“midstream” business that transports and stores oil and gas.

Last Thursday, Occidental laid to rest a dispute with
investors about executive pay and its management succession
plans when it announced that Chief Operating Officer Stephen
Chazen would take over the top job from Ray Irani next May.
[ID:nSGE69D0IY]

Shares in the company, which are up 5 percent so far this
year, slipped less than 1 percent in pre-market trade to $85.20
per share.
(Reporting by Matt Daily. Additional reporting by Braden
Reddall in San Francisco; Editing by Robert MacMillan and Derek
Caney)

UPDATE 2-Occidental Petroleum profit jumps on oil prices