Occidental Petroleum Corporation boosts rise of net income by 52%

Occidental Petroleum Corporation (NYSE: OXY), an international oil and gas exploration and production company, reported Thursday increase of first-quarter net income by 52%.

Photo: Occidental Petroleum Corporation boosts rise of net income by 52%

The increase is explained by higher oil and gas prices and larger output (more than 600,000 barrels of oil equivalent a day). Earlier oil and gas production was 560,000 barrels of oil equivalent a day.

This year Oxy estimated its net income of $1.85 billion, or $2.23 a share, in comparison to $1.21 billion, or $1.43 a share last year.

The largest oil producer in Texas underlined that only for 3 months it managed to up its revenue from $4 billion to $6 billion.

Occidental's worldwide effective tax rate rose to 42% from 37% last year, with total tax expense jumping to $1.29 billion from $684 million.