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Occidental beats Street 4Q forecasts

HOUSTON (AP) _ Occidental Petroleum Corp. (OXY) on Tuesday reported fourth-quarter net income of $497 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Houston-based company said it had net income of 65 cents. Earnings, adjusted for non-recurring gains, were 41 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The oil and gas exploration and production company posted revenue of $3.59 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $3.54 billion.

For the year, the company reported net income of $1.31 billion, or $1.70 per share, swinging to a profit in the period. Revenue was reported as $13.27 billion.

Occidental shares have dropped slightly more than 5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $69.72, an increase of 3.5 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OXY at https://www.zacks.com/ap/OXY