August 8, 2018 / 8:58 PM / 6 months ago

CORRECTED-UPDATE 1-Occidental Petroleum profit beats expectations on rising oil price

(In Aug. 8 item, in 1st paragraph clarifies that production rose. In 4th paragraph, corrects to production rose, not fell, and that output increased in Oman, not decreased.)

HOUSTON, Aug 8 (Reuters) - U.S. oil producer Occidental Petroleum Corp posted a better-than-expected quarterly profit on Wednesday on rising crude prices and production.

The company posted net income of $848 million, or $1.10 per share, compared to $507 million, or 66 cents per share, in the year-ago period.

Excluding one-time items, the company earned $1.22 per share. By that measure, analysts expected earnings of $1.21 per share, according to Thomson Reuters I/B/E/S.

Production rose 6 percent to 639,000 barrels of oil equivalent per day. Output jumped in the Permian and Oman, a key international area of operations for the company.

Shares of the company, the largest oil producer in the Permian Basin of West Texas and New Mexico, fell 2 percent to $79.42 in after-hours trading.

Houston-based Oxy also said it would sell its Ingleside, Texas, crude export facilities in a deal worth about $2.6 billion.

The company plans to hold a conference call to discuss quarterly results on Thursday morning. (Reporting by Ernest Scheyder Editing by Alistair Bell and Tom Brown)

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