Occidental Petroleum Corporation Announces Q4 2011 and FY Results

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08 Feb 2012 06:06 Jane Roberts

Occidental Petroleum Corporation recently announced its last quarter and full year 2011 results. According those, the company was able to add a significant amount to incomes. Comparing to Q4 2010: in 2011 last quarter revenue increased from USD 5,063 M to USD 6,034 M (up 19.2%); net income rose from USD 1,212 M to USD 1,634 M (up 34.8%); earnings per diluted share added USD 0.53 (from USD 1.49 to USD 2.02); oil and gas segment earnings gained USD 800 M (up 47%) and amounted to USD 2,500 M; chemicals segment earnings increased from USD 111 M to USD 144 M (up 29.7%); midstream segment reached USD 70 M in revenues, which is 65.3% less than in Q4 2010.

Annual results for segments comparing to 2010: oil and gas generated 41.7% earnings more and equaled USD 10.2 B; chemicals earnings were USD 861 M comparing to USD 438 M in the previous year (up 96.6%); midstream segment accumulated USD 448 M which is 5.1% lower than the previous result. Total revenues for Occidental amounted to USD 23939 M comparing to USD 19045 M in FY 2010, and it is a 41.4% growth. Net income added 49.5% to the last year result, and reached USD 6771 M.

2011 market trend revealed rise in crude oil prices, higher sales volumes, growing demand for chemical products, and a slowdown in midstream segment.

Founded in 1920 and headquartered in Los Angeles, California (USA), Occidental Petroleum Corporation engages in oil and gas exploration, as well as manufactures chemicals through its wholly-owned subsidiary OxyChem. With over 40000 employees and contractors on four continents Occidental Petroleum is USA fourth largest oil and gas company, with OxyChem being America’s largest caustic soda, chlorine, caustic potash, PVC resins and calcium chloride producer. Since 1964 Occidental Petroleum trades at New York Stock Exchange under the ticker OXY.

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