Occidental Petroleum Profit Beats Expectations as Production Jumps

Occidental Petroleum Corp posted a better-than-expected quarterly profit on Thursday as U.S. oil production jumped.

The company posted third-quarter net income of $1.21 billion, or $1.55 per share, compared with $1.58 billion, or $1.96 per share, in the year-ago period.

Analysts expected earnings of $1.57 per share, according to Thomson Reuters I/B/E/S.

Daily average production in the U.S. rose by 20,000 barrels to 282,000 barrels. International daily average production fell by 11,000 barrels to 291,000 barrels, largely due to Libyan port strikes.

(Reporting by Ernest Scheyder, Editing by Franklin Paul)