Occidental Petroleum 2Q earnings jump 56 percent

By CHRIS KAHN AP Energy Writer

NEW YORK (AP) - Occidental Petroleum Corp. says net income jumped 56 percent in the second quarter as prices for oil and natural gas rose and the company pumped more from the ground.

The Los Angeles oil company on Tuesday reported earnings of $1.06 billion, or $1.31 per share, up from $682 million, or 84 cents per share in the same quarter a year ago. Revenue increased 29 percent to $4.8 billion.

Analysts had estimated earnings of $1.33 per share on revenue of $4.7 billion.

Occidental said crude oil prices jumped 36 percent and natural gas prices rose 46 percent from the same quarter last year. It increased production of oil and gas 4 percent in the quarter to 747,000 barrels of oil equivalent per day.