June 2007 -- Occidental Petroleum Corp.'s net income for the first quarter of 2007 was $1.212 billion ($1.43 per diluted share), compared with $1.231 billion ($1.43 per diluted share), for the first quarter of 2006.
The first quarter results for 2007 follow a record setting year. For the eighth consecutive year the company's profit per barrel of oil equivalent and cash flow per barrel led all major industry competitors. Cash flow from operations of $6.4 billion and core results of $4.3 billion set all-time highs for the fifth consecutive year. Net income for 2006 was $4.2 billion compared to $5.3 billion for 2005.
Occidental Petroleum's year-ending closing stock price of $48.83 per share, after adjusting for the two-for-one stock split declared in August 2006, was the highest year-end closing in the company's history, says Ray R. Irani "If you invested $100 in Oxy stock at year-end 2001, the value of your investment would have grown to $415 by year-end 2006, compared with returns of $225 from the S&P Integrated Oil Index and $135 from the overall S&P 500 index."
Stockholders' equity also reached new highs in each of the last five years, rising to $19.2 billion at the end of 2006, an increase of more than 241% since the beginning of 2002.
The company is the fourth largest U.S. oil and gas company, based on equity market capitalization. A wholly owned subsidiary, OxyChem, manufactures and markets chlor-alkali products and vinyls.
