February 13, 2018 / 9:41 PM / 9 days ago

Occidental Petroleum reports swing to profit in Q4

HOUSTON, Feb 13 (Reuters) - U.S. oil producer Occidental Petroleum Corp said on Tuesday it swung to a quarterly profit thanks to rising crude prices and cost cuts.

The company posted fourth-quarter net income of $497 million, or 65 cents per share, compared with a net loss of $272 million, or 36 cents, in the year-ago period.

Production rose about 7 percent to 621,000 barrels of oil equivalent per day (boe/d). For 2018, Oxy said it plans to spend $3.9 billion and increase production 8 percent to 12 percent. (Reporting by Ernest Scheyder Editing by Jonathan Oatis)

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