HOUSTON, May 6 (UPI) -- Occidental Petroleum said Wednesday first quarter production was up 13 percent year-on-year in part because of output from the Permian shale in Texas.
Occidental, known by its ticker symbol Oxy, said first quarter production rose year-on-year by 72,000 barrels of oil equivalent.
"The increase was led by Permian resources which delivered a 46-percent increase to 98,000 boe per day, of which oil production grew by 25,000 barrels a day," President and Chief Executive Officer Stephen Chazen said in a statement
Texas is the No. 1 oil producer in the nation. The Railroad Commission of Texas, the state's energy regulator, said preliminary data from February show crude oil production averaged 2.34 million barrels per day. That's an increase of 5.2 percent, or 117,550 barrels, from January and 17 percent higher than February 2014.
Chazen said the company was using first quarter production results as a springboard for expectations of future growth. The full-year production guidance for 2015 should increase by an average 70,000 boe per day.
"This is 20,000 boe per day higher than our previous outlook," he said.
The board of directors at Oxy said Tuesday they approved a CEO succession plan with Vicki Hollub slated to take over for Chazen "after a thorough transition period." Chazen said he'd step aside when Hollub "is ready" to take the helm.
