Occidental Petroleum Corporation

SmarTrend is bullish on shares of OXY and our subscribers received an Uptrend alert on July 15, 2009 at $66.06, which has returned 26.7% to date.

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Occidental Petroleum has reported a net income of $2 billion, or $2.43 per diluted share, for the first nine months of 2009, compared to $6.4 billion, or $7.77 per diluted share, for the corresponding period of 2008.

Year-to-date net sales were $10.86 billion, compared to $20.19 billion for the first nine months of 2008.

Ray Irani, chairman and CEO of Occidental Petroleum, said: "Occidental achieved year-over-year production growth of nearly 7% in the third quarter and 8% in the nine months of 2009. In addition, higher worldwide crude oil prices resulted in an increase in Occidental's third quarter of 2009 net income of 36% over the second quarter of 2009."

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Primarily a trader in oil and gas, Phibro's assets consist of cash, marketable securities and readily saleable commodity positions. Phibro does not trade in any exotic derivatives or hold any level three type assets. Occidental's net investment in Phibro is expected to be about $250 million.

Phibro's management team, headed by Andrew Hall, and its employees will remain with the company after closing. The senior management team has agreed to make a significant investment in Phibro and receive returns dependent upon the company's future performance. Additionally, significant portions of current and future bonuses will be deferred and retained by Phibro and paid out in future years. These future payouts will be adjusted to reflect Phibro's results during that period.

From 1997 until the second quarter of 2009, Phibro averaged approximately $200 million per year in pre-tax earnings, while over the last five years Phibro's earnings averaged $371 million per year. Phibro has been profitable each fiscal year since 1997, attaining profitability in 80 percent of all quarters.

The transaction is expected to close by year end. Upon closing, Occidental will support the credit of Phibro. Phibro will become a part of Occidental's midstream segment which includes Occidental's natural gas liquids, power, pipeline and existing trading business.

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