Oxy gets lift from U.S. shale

Company says U.S. oil production up 8 percent.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   July 31, 2014 at 10:03 AM
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HOUSTON, July 31 (UPI) -- Occidental Petroleum Corp. said Thursday oil production from U.S. assets increased during the second quarter, marking a year-long streak.

"For the fourth consecutive quarter, we have delivered strong domestic oil production growth, with increases coming from both our Permian [shale basin in western Texas] and California assets," President and Chief Executive Officer Stephen Chazen said in a statement.

Known by its stock ticker symbol Oxy, the company said oil production from U.S. basins was 278,000 barrels per day for the second quarter, up more than 8 percent from second quarter 2013.

Internationally, the company said its daily production declined by nearly 10 percent to 272,000 bpd in the second quarter.

"The decrease primarily resulted from insurgent activities in Colombia, continued field and port strikes in Libya and lower cost recovery barrels in Iraq," Oxy said.

Net daily sales volumes for the company also decreased by 1.3 percent to 735,000 bpd during the second quarter.

Net income for Oxy for the second quarter was $1.4 billion, up 7.7 percent year-on-year.

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