Thu, Dec 25, 2014, 3:34 PM EST - U.S. Markets closed for Christmas

Recent

% | $
Quotes you view appear here for quick access.

Occidental Petroleum Corporation Message Board

  • bluecheese4u bluecheese4u Jan 31, 2013 8:04 AM Flag

    Occidental Petroleum Announces 4th Quarter and 12 Months of 2012 Income

    Occidental Petroleum Announces 4th Quarter and 12 Months of 2012 Income

    Q4 2012 record total company oil and gas production of 779,000 barrels of oil equivalent per day
    Q4 2012 domestic daily oil and gas production of 475,000 barrels of oil equivalent, a record for the ninth consecutive quarter
    Q4 2012 core earnings of $1.5 billion, or $1.83 per diluted share

    January 31, 2013 07:30 AM Eastern Time

    LOS ANGELES--(BUSINESS WIRE)--Occidental Petroleum Corporation (NYSE:OXY) announced core income of $1.5 billion ($1.83 per diluted share) for the fourth quarter of 2012, compared with $1.6 billion ($2.02 per diluted share) for the fourth quarter of 2011. In the fourth quarter of 2012, we recorded after-tax charges of $1.1 billion or $1.41 per diluted share, almost all of which was related to the impairment of gas assets in the Midcontinent. Net income for the fourth quarter of 2012 after this charge was $336 million ($0.42 per diluted share), compared with $1.6 billion ($2.01 per diluted share) for the same period of 2011.
    Core income was $5.8 billion ($7.09 per diluted share) for the year 2012, compared with $6.8 billion ($8.39 per diluted share) for 2011. Net income for the twelve months of 2012 was $4.6 billion ($5.67 per diluted share), compared with $6.8 billion ($8.32 per diluted share) for 2011.
    In announcing the results, Stephen I. Chazen, President and Chief Executive Officer, said, "Our fourth quarter domestic production of 475,000 barrels of oil equivalent per day, of which 342,000 barrels per day was liquids, set a record for the ninth consecutive quarter. Our total company production for all of 2012 was 766,000 barrels of oil equivalent per day, which was 5 percent higher than 2011. Our domestic oil production grew by 11 percent for all of 2012 to 255,000 barrels per day from 230,000 barrels in 2011.
    "Fourth quarter core income was $1.5 billion or $1.83 per diluted share. These results were $0.13 higher than the third quarter of 2012 as a result of higher liquids volumes, higher realized NGL and domestic gas prices and lower operating expenses. In the fourth quarter, our production costs were $1.04 a barrel lower than the third quarter, with improvements across most units. The reductions resulted from efficiencies achieved across most cost categories including savings in surface operations, reductions in the use of outside contractors, curtailment of uneconomic down-hole maintenance and workover activity, as well as related overhead. Our exit rate on a per barrel basis was well below the total year 2012 and below the fourth quarter 2011 levels. We generated cash flow from continuing operations before working capital changes of $12.1 billion for the twelve months of 2012 and invested $10.2 billion in capital expenditures."

    newsroomDOToxyDOTcom/news/oxy/20130131005695/en

 
OXY
82.24-0.66(-0.80%)Dec 24 2:48 PMEST

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.
Yahoo! Inc.
NASDAQWed, Dec 24, 2014 1:00 PM EST
Noble Energy, Inc.
NYSEWed, Dec 24, 2014 2:48 PM EST
Virgin America Inc.
NASDAQWed, Dec 24, 2014 1:00 PM EST