Occidental reports strong Q3 figures, reconsiders gas strategy

10/20/2010 | Reuters

Oil and natural gas firm Occidental Petroleum has recorded a 28% percent increase in its third-quarter profit, as net income rose to almost $1.2 billion while revenue grew by 19% for the quarter. The company is experiencing permitting problems and other issues at its gas facilities in California, forcing it to drill more oil wells in the state to increase output. "We're shifting to an oilier base on the intermediate term as long as we have these not-very-attractive natural gas prices," said Occidental Chief Operating Officer Stephen Chazen.

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