May 8, 2018 / 8:29 PM / 14 days ago

Occidental first-quarter profit spikes on rising oil prices

HOUSTON, May 8 (Reuters) - U.S. oil producer Occidental Petroleum Corp said on Tuesday its first-quarter profit jumped more than sixfold due to rising crude prices and cost cuts.

The company posted net income of $708 million, or 92 cents per share, compared to $117 million, or 15 cents per share, in the year-ago quarter. Production jumped 4 percent in the quarter to 609,000 barrels of oil equivalent per day. (Reporting by Ernest Scheyder, editing by G Crosse)

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