Occidental Petroleum Corporation (OXY) recently announced a record second quarter. Earnings per share of $2.79 exceeded the consensus estimate by 3% and more than doubled the year-prior result. Revenue of $7.12 billion climbed from last year’s $4.41 billion.

Company Description

Occidental Petroleum is international oil and gas exploration and production company that is also a major North American chemical manufacturer. The company is committed to using advanced technology to produce more oil and natural gas, while being a responsible steward of the environment.

A Record Quarter

The company recently announced a record second quarter. Earnings per share of $2.79 exceeded the consensus estimate by 3% and more than doubled the year-prior result. Revenue of $7.12 billion climbed from last year’s $4.41 billion.

Chairman and Chief Executive Officer Dr. Ray R. Irani said, “production grew by 5% for the second quarter, and nearly 7% for the first six months compared to last year, and we plan to increase capital expenditures to $4.7 billion in 2008 to accelerate growth. The additional capital funds will be used to drill and re-complete approximately 400 wells, mainly in California, Texas and Colorado, as well as in Argentina, Colombia and Libya.”

Strong and Steady Income

Occidental declared a quarterly dividend of 32 cents per share, which is payable October 15, 2008, to stockholders of record on September 10, 2008.

The company noted that it boosted the quarterly dividend in July of this year to the annual rate of $1.28 per share from the previous annual rate of $1.00 per share. It was OXY’s seventh dividend increase since 2002, bringing the company’s dividend growth rate to 16.2 percent over the period. The company has paid quarterly dividends continuously since 1975.

Higher Estimates

Wall Street forecasts are up. Full-year projections of $10.73 per share are above last month’s $10.43. The most accurate estimate is a more bullish $10.82.

Content Courtesy: Zacks Investment Research

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