UPDATE: Occidental Petroleum Q4 Profit Rises 33%

Occidental Petroleum Corp (NYSE: OXY) reported a rise in its fourth-quarter profit.

Occidental Petroleum's quarterly profit surged to $1.6 billion, or $2.01 per share, from $1.2 billion, or $1.49 per share, in the year-earlier period. Its adjusted profit came in at $2.02 per share. Its sales surged to $6.03 billion from $5.06 billion. However, analysts were expecting earnings of $1.94 per share.

Occidental Petroleum's total production climbed 5% to 748,000 barrels of oil equivalent a day.

Occidental Petroleum shares closed at $100.92 yesterday.