SAN FRANCISCO, July 22 - Occidental Petroleum
Corp (OXY.N) announced on Wednesday a discovery of oil and gas
reserves in California's Central Valley that it believed was
the largest find in the state in 35 years. Occidental said it believed between 150 million and 250
million gross barrels of oil equivalent, of which about
two-thirds was natural gas, had been found in the area in Kern
County. Oxy's interest in that area is about 80 percent. "It is probable that there are additional reserves outside
the defined area, and it is possible that structures of this
type exist elsewhere in Oxy's 1.1 million net acre position in
California," Chief Executive Ray Irani said in a statement. The Los Angeles-based company, which is the state's largest
natural gas producer and third-largest oil producer, is due to
report second-quarter results on Thursday. Shares of Occidental rose 1.2 percent to $70.85 in
after-hours trade, after slipping 0.3 percent to $69.99 in
regular trade on Wednesday.
Corp (OXY.N) announced on Wednesday a discovery of oil and gas
reserves in California's Central Valley that it believed was
the largest find in the state in 35 years. Occidental said it believed between 150 million and 250
million gross barrels of oil equivalent, of which about
two-thirds was natural gas, had been found in the area in Kern
County. Oxy's interest in that area is about 80 percent. "It is probable that there are additional reserves outside
the defined area, and it is possible that structures of this
type exist elsewhere in Oxy's 1.1 million net acre position in
California," Chief Executive Ray Irani said in a statement. The Los Angeles-based company, which is the state's largest
natural gas producer and third-largest oil producer, is due to
report second-quarter results on Thursday. Shares of Occidental rose 1.2 percent to $70.85 in
after-hours trade, after slipping 0.3 percent to $69.99 in
regular trade on Wednesday.
