Net income for the fourth quarter of 2007 was $1.45 billion, or $1.74 per diluted share, compared with $930 million, or $1.09 per diluted share, for the fourth quarter of 2006.
Occidental (Oxy) stated that its consolidated subsidiaries’ preliminary proved reserve additions from all sources totaled 242 million barrels of oil equivalent (boe) in 2007, compared to production of 209 million boe in 2006, at a production replacement rate of 116%.
Dr Ray Irani, chairman and CEO, said, Oxy achieved the highest full-year net income in our history and another record quarter core results. Driven largely by record oil and gas earnings, this achievement reflects the continued success of our strategy to focus on profitable, long-lived oil and gas assets, a disciplined investment philosophy and maintaining a strong balance sheet. We are pleased with the 25.7% return on equity for the full year of 2007.
