Occidental Petroleum reports 4Q profit increase due to oil prices

One of the U.S. biggest oil and gas companies - Occidental Petroleum Corp. –said Tuesday that its profit increased by 56 percent in the fourth quarter due to rewards from surging oil prices.

Photo: Occidental Petroleum reports 4Q profit increase due to oil prices

The company’s profit rose to $1.45 billion, or $1.74 per share from $930 million, or $1.09 per share, a year ago.

It revenue jumped 37 percent to $5.52 billion from $4.04 billion.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States , the Middle East , North Africa , and South America . The company nickname “Oxy” began in 1964 in reference to Occidental’s NYSE stock ticker. Headquartered in Los Angeles, California , Oxy is the fourth largest U.S. oil and gas company, based on equity market capitalization. Oxy is the largest oil producer in Texas and the largest natural gas producer in California, with additional operations in Kansas, Oklahoma, Colorado and New Mexico.

Oxy's wholly-owned subsidiary, OxyChem, manufactures and market chlor-alkali products and vinyls.