Occidental's second-quarter profit jumps 63%

New York: Occidental Petroleum, the fourth-largest US oil company by market value, said second-quarter profit rose 63 per cent as crude prices climbed above $140 a barrel for the first time and production increased. Net income jumped to $2.3 billion, or $2.78 a share, from $1.41 billion, or $1.68, a year earlier, the Los Angeles-based company said today in a statement. Per-share profit was 10 cents above the average of 16 analyst estimates compiled by Bloomberg. Profit from oil and gas sales more than doubled to $3.81 billion as a 5.4 per cent production increase helped Occidental capitalise on soaring commodity prices. The company increased its capital-spending budget by 21 per cent to expand drilling in the US, Argentina, Colombia and Libya. "They certainly have the capacity to increase production from domestic assets,"... [read full story]