Oxy Expects Production Profit to Double

Occidental Petroleum Corp. said it sees significant earnings growth through 2000, including a doubling of earnings from oil and gas production this year. The oil and gas production earnings are estimated to be at least $550 million in 1996, compared with $249 million last year. Like other petroleum companies, Occidental has benefited in recent months from higher worldwide oil and U.S. natural gas prices. Global oil production is forecast to rise to 295,000 barrels a day in 1996 and to 350,000 barrels in 1998, compared with 278,000 barrels last year, the company said. In a meeting with analysts, the Los Angeles-based oil and natural gas company said it expects its long-term debt will fall to $4.5 billion by year-end, down from $8 billion at the end of 1990. Oxy said it’s also setting up an employee preferred stock ownership plan at its MidCon subsidiary to give employees a direct stake in future performance. Shares of Occidental rose 25 cents to $24.875 on the New York Stock Exchange.