Occidental, a North American chemical manufacturer and natural gas exploration and production company, saw net income for first quarter 2006 increase to $1.23 billion compared with $846 million for first quarter 2005.
Commenting on the record-breaking results, chairman, president and CEO Ray R. Irani said, "The first quarter daily production was 636,000 barrels of oil equivalent, the highest quarterly production in Oxy's history. This was an increase of 13% over the first quarter of 2005. We expect production for the second quarter to be approximately 650,000 BOE, which would be another record."
In the oil and gas segment, earnings were up 48% hitting $2 billion, up from $1.35 billion first quarter 2005.
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