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Occidental Petroleum Announces 3rd Quarter And Nine Months Of 2013 Net Income

Occidental Petroleum Corporation (NYSE:OXY) announced core income for the third quarter of 2013 of $1.6 billion ($1.97 per diluted share), compared with $1.4 billion ($1.70 per diluted share) for the third quarter of 2012. Net income was $1.6 billion ($1.96 per diluted share) for the third quarter of 2013, compared with $1.4 billion ($1.69 per diluted share) for the third quarter of 2012.

In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Domestic production was 476,000 barrels of oil equivalent per day (BOE), an increase of 7,000 BOE from the third quarter of 2012 and 6,000 BOE higher than the second quarter of 2013. Our domestic liquids production increased by 8,000 barrels per day on a sequential quarter over quarter basis. On a year-to-date basis, our domestic liquids production increased by 18,000 barrels per day, or nearly 6 percent.

"We continue to see positive results from our focused drilling program and improved domestic operational efficiencies. Year-to-date, we have achieved a 22-percent reduction in our drilling costs relative to 2012. Domestic oil and gas operating expenses were $14.33 per BOE for the nine months of 2013, an 18-percent improvement from total year 2012 rates. Our focus on capital and operating efficiencies has helped us generate $9.8 billion of cash flow from operations during the first nine months of 2013, resulting in a current cash balance of $3.8 billion compared to the year-end level of $1.6 billion."

QUARTERLY RESULTS

Oil and Gas

Oil and gas segment earnings were $2.4 billion for the third quarter of 2013, compared with $2.0 billion for the third quarter of 2012. The current quarter results reflect higher domestic oil and gas realized prices, lower operating costs and higher domestic liquid volumes, partially offset by higher DD&A rates and lower Middle East/North Africa crude oil volumes.

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