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Occidental Profit Rises Amid Breakup Plan

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October 29, 2013

Occidental Petroleum Corp. (NYSE: OXY), the U.S. crude producer and chemicals company weighing a breakup to boost shareholder value, said third-quarter profit rose as output advanced in Texas and California.

Net income increased to $1.58 billion, or $1.96 a share, from $1.38 billion, or $1.69, a year earlier, Los Angeles-based Occidental said in a statement. Per-share profit excluding one- time items exceeded the $1.90 average of 24 analysts’ estimates compiled by Bloomberg. Sales rose 8% to $6.45 billion.

CEO Stephen I. Chazen, who has initiated asset sales from the Middle ...

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