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Occidental Well-Oriented
For many energy companies, the third quarter may well prove to be a once-in-a-lifetime phenomenon thanks to record oil prices. No wonder, its hike to $147 has translated to a 72% jump in third-quarter profit for Occidental Petroleum Corp. (OXY - Analyst Report). The stock is sizzling with a 5.25% gain since the morning.
According to Bloomberg, the company’s net income rose to $2.27 billion, or $2.78 a share, from $1.32 billion, or $1.58, in the corresponding quarter last year. The per-share profit bettered the Zacks consensus estimate by 3 cents.
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| Market Summary | Nov 22, 2009 18:44 pm ET |
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