Occidental Petroleum Q4 results top estimates; hikes dividend

Investing.com - Occidental Petroleum on Wednesday reported fourth-quarter result that topped Wall Street estimates as higher production boosted performance, paving the way for the oil major to hike its quarterly dividend.

Occidental Petroleum Corporation (NYSE: OXY) gained 0.5% in after-hours trade following the report.

The company reported EP of $0.74 on revenue of $7.17B, topping estimates for $0.68 and $6.93B, respectively.

The beat was driven by increased production to 1.234 million of barrels of oil equivalent per day, which not only exceeded the mid-point of guidance by 0.8M boepd, but also was above 1.227M boed in the same period a year earlier.

The company increased its quarterly dividend by 22% to $0.22 per share.

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