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Occidental Petroleum Director Buys 1,000 Shares (OXY)

Occidental Petroleum Corporation (NYSE: OXY) director Margaret Foran last week bought 1,000 shares of OXY common stock at $90.29 per share, according to a SEC filing.

OXY shares have risen sharply in trading today even as the broad market has fallen sharply. At last check, OXY shares were trading 2.27% higher at $94.75 on volume of 3.52 million. The stock hit a 52-weej high of $94.82 earlier today. Year-to-date, OXY shares have gained nearly 25.80%.

Based in Los Angeles, California, Occidental Petroleum is engaged in the exploration and production of oil and gas properties in the U.S. and internationally. The company focuses on three segments; oil and gas; chemical; and midstream, marketing and other.

Last month, Occidental Petroleum reported its financial results for the first quarter of 2013. For the quarter, OXY announced income from continuing operations of $1.4 billion, or $1.69 per share, compared to $1.6 billion, or $1.92 per share reported for the same period in the previous year. The company’s net income for the quarter stood at $1.4 billion, or $1.68 per share.

Occidental Petroleum’s oil and gas segment earnings for the quarter stood at $1.9 billion, compared to $2.5 billion reported for the same period in the previous year. Daily oil and gas production volumes averaged 763,000 barrels of oil equivalent (BOE), which compares to 755,000 BOE reported in the first quarter of 2012.

Occidental Petroleum’s earnings from the chemical segment stood at $159 million in the first quarter of 2013. This compares to earnings of $184 million reported for the same period in the previous year. Midstream earnings for the quarter, meanwhile, stood at $215 million in the first quarter of 2013, compared to $131 million reported for the same period in the previous year. The increase in midstream earnings for the quarter was mainly due to improved marketing and trading performance.

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All stories in are for informational purposes only. This is NOT a stock recommendation. This story is a daily light analysis featuring a stock with insider buying. With some caveats, insiders purchase a stock because they think the stock is going up. There are other factors to consider such as size of the transaction relative to their compensation and net worth. Sometimes, insiders might be propping a stock price up for future financing. Sometimes, the amount of insider buying are misread or misreported. Each month, DailyStocks releases a a summary of the stocks with insider buying. Sign up for the free monthly newsletter at . About is the place where you can find stories about stocks with insider buying, where you can educate yourself about stock market investing, and where you can perform the stock search engine analysis – you enter a stock symbol, and you get a resulting page of stock ticker indexed links so that you do not have to type the stock symbol each time.