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TheStreet Open House

Occidental Petroleum Announces Second Quarter Of 2012 Income

Stocks in this article: OXY

Occidental Petroleum Corporation (NYSE:OXY) announced net income of $1.3 billion ($1.64 per diluted share) for the second quarter of 2012, compared with the second quarter of 2011 net income of $1.8 billion ($2.23 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Our second quarter 2012 total Company production of 766,000 barrels of oil equivalent per day was the second consecutive quarter of record production. Our domestic production was 9 percent higher than the second quarter of 2011 and total production was 7 percent higher. Our domestic production of 462,000 barrels of oil equivalent per day was a record for the seventh consecutive quarter. We increased our daily domestic production by 7,000 barrels from the first quarter of 2012 and by 38,000 barrels from the second quarter of 2011.

"Lower product prices impacted our second quarter results, resulting in diluted EPS of $1.64 per share. We generated cash flow from operations of $6.0 billion for the first six months of 2012 and invested $5.1 billion in capital expenditures."

Oil and Gas

Oil and gas segment earnings were $2.0 billion for the second quarter of 2012, compared with $2.6 billion for the second quarter of 2011. Lower oil and gas prices, higher operating costs and higher DD&A rates in the second quarter of 2012 were partially offset by higher volumes.

For the second quarter of 2012, daily oil and gas production volumes averaged 766,000 barrels of oil equivalent (BOE), compared with 715,000 BOE in the second quarter of 2011.

The second quarter 2012 production increase resulted from 38,000 BOE per day higher domestic volumes and a 13,000 BOE per day increase in the Middle East/North Africa.

Daily sales volumes increased from 705,000 BOE in the second quarter of 2011 to 759,000 BOE in the second quarter of 2012.

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