Los Angeles-based Occidental Petroleum Corp. reported a 74% hike in fourth quarter income because of higher oil and natural gas prices, but the earnings still fell short of Wall Street forecasts. The company reported a profit of $665 million ($1.67/share), compared with $382 million (99 cents/share) in 4Q2003. On average, Thomson First Call had forecast 4Q2004 earnings of $1.92/share.

Earlier this month, Occidental warned that it would cut 15-16 cents off its earnings estimates because of write-offs for some chemical assets, underpayment of income taxes and environmental charges. In the final quarter of 2004, Occidental reported net charges of $69 million (17 cents/share).

Occidental said it benefited from a 3.5% rise in oil and natural gas production for the year to an average of 566,000 boe/d. However, in North America, production was down year-over-year, to 249,000 boe/d from 263,000 boe/d in 2003. In the United States, natural gas production declined in 4Q2004 to 499 MMcf/d from 525 MMcf/d in 4Q2003.

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