June 2009 -- Occidental Petroleum Corp. posted record earnings of $6.9 billion in 2008, a 27% increase over the previous year, said CEO Ray Irani.
In 2008 the company achieved return on equity of 27% and a year-end debt-to-capitalization ratio of 9%, according to a May 1 earnings release.
The company finished 2008 with cash of $1.8 billion and very little net debt while stockholders' equity increased 20%.
Occidental is expanding in the United States and globally. In 2008 the company completed two purchases totaling $2.7 billion for interests in the Permian Basin of southwest Texas and southeast New Mexico and the Piceance Basin of Colorado.
In addition, the company entered into an agreement to develop a hydrocarbon gas processing plant and related pipeline infrastructure in West Texas.
