Occidental profit tops estimates

The fourth-largest U.S. oil company said net profit fell to $1.38 billion

Occidental Petroleum Corp reported a higher-than-expected quarterly profit on Thursday as growing output helped make up for lower oil and gas prices,and its shares rose 2 percent.

The fourth-largest U.S. oil company said net profit fell to $1.38 billion,or $1.69 per share,from $1.77 billion,or $2.17 per share,a year earlier. Analysts had expected $1.63 per share,according to the average on Thomson Reuters I/B/E/S.

Earnings were strong across the board,driven by higher than expected U.S. oil production,lower unit costs and strong chemicals segment income,Sterne Agee analyst Tim Rezvan said.

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Output rose 4 percent from a year ago to 766,000 barrels per day,including an average of 469,000 bpd of U.S. production.

The average Brent oil price of $110 per barrel over the quarter was down $2 from a year earlier and up just $1 from the second quarter. Natural gas prices were down sharply.

Occidental shares rose 1.8 percent to $82.21 in early trading on the New York Stock Exchange. The stock is down 12 percent so far this year.

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In Odisha, Modi mounts ‘loot tantra-vs-bachat utsav’ attack on Congress over GST

India9 hr ago

Prime Minister Narendra Modi Saturday hailed the revised Goods and Services Tax (GST) structures, saying the era of “double bachat (saving) and double kamai (income)” has arrived under the Bharatiya Janata Party rule. Addressing the ' Namo Yuva Samabesh' in Jharsuguda, Modi accused the Congress of indulging in “loot tantra (tactics)” while in power.

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