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Occidental Petroleum Announces Third Quarter Of 2012 Income

Stocks in this article: OXY

Occidental Petroleum Corporation (NYSE:OXY) announced income from continuing operations of $1.4 billion ($1.70 per diluted share) for the third quarter of 2012, compared with the third quarter of 2011 income from continuing operations of $1.8 billion ($2.18 per diluted share).

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Our third quarter 2012 total company production of 766,000 barrels of oil equivalent per day was 27,000 per day, or 4 percent higher than the third quarter of 2011 production. Our domestic production of 469,000 barrels of oil equivalent was 8 percent higher than the third quarter of 2011 and was a record for the eighth consecutive quarter. Our domestic liquids production of 334,000 barrels per day, which was also a record, was 10 percent higher than last year's third quarter.

"Income from continuing operations diluted earnings per share of $1.70 was $0.06 higher than the second quarter of 2012 as a result of higher oil and gas volumes and improved results in the marketing and trading businesses, partially offset by lower oil prices. We generated cash flow from operations before working capital changes of $9.2 billion for the first nine months of 2012 and invested $7.7 billion in capital expenditures."

Oil and Gas

Oil and gas segment earnings were $2.0 billion for the third quarter of 2012, compared with $2.6 billion for the third quarter of 2011. Lower product prices and higher costs in the third quarter of 2012 were partially offset by higher oil volumes.

For the third quarter of 2012, daily oil and gas production volumes averaged 766,000 barrels of oil equivalent (BOE), compared with 739,000 BOE in the third quarter of 2011.

The third quarter 2012 production increase resulted from higher volumes of 33,000 BOE per day from domestic operations, partially offset by a decrease in international production. The international decrease included lower volumes from Dolphin, resulting from the full cost recovery of pre-startup capital, and in Yemen due to the Masila field contract expiration, partially offset by higher volumes from other international operations.

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