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Occidental Petroleum


Occidental Petroleum is a publicly traded company having a good stock performance result. Occidental Petroleum is a fortune 500 stock listed company trading under OXY. Occidental PetroleumCorporation Company was founded in 1920. Occidental Petroleum Corporation engages primarily in the exploration, development, production, and marketing of crude oil and natural gas in the United States and internationally.
 
Occidental’s strong operational and financial performance in 2005 resulted in net income rising to record highs for the third consecutive year. Consolidated net income increased to 5.3 billion dollars, more than double their record results in 2004 of 2.6 billion dollars. Cash flow from operations rose to 5.3 billion dollars, up 38 percent from 2004. Interest expense for 2005, excluding debt repayment charges was 159 million dollars, compared to 223 million dollars in 2004. At year-end 2005, Occidental had approximately 2.4 billion dollars of cash on hand.
 
Their chemical earnings of 607 million dollars were 47 percent higher than in 2004. The increase was due to continued improvement in most sectors of the economy in which the company’s core products are sold, particularly the building and construction markets. Improved economic growth resulted in a tightening of supplies for their major products, leading to margin improvement through the year as higher prices more than offset increased energy and feedstock costs.
 
In addition, their core chemical business was strengthened the acquisition of two chlorine and co-product caustic soda plants from Vulcan Materials Company, which increased Occidental’s annual chlorine and co-product caustic soda capacity by 23 percent to 3.3 million tons.
 
They expect capital expenditures to rise by approximately 700 million dollars in 2006, an increase of 29 percent over the 2005 level, driven by the large number of excellent growth projects in their portfolio. Maintaining discipline in the investment of capital is critical to producing top quartile financial returns. In October 2005, the board of directors increased the quarterly dividend to 0.36 dollar per share, for an annual rate of 1.44 dollars per share, compared to the previous annual rate of 1.24 dollars per share.

Occidental Petroleum Corporation has the expertise and experience to find and develop new sources of oil and natural gas today to fuel tomorrow's economic growth without compromising their strong commitment to protecting the environment, promoting their high standards of social responsibility and safeguarding the health and safety of employees and neighbors.

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