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Stock Market & Financial Investment News

News Breaks
April 30, 2013
10:31 EDTOXYOccidental Petroleum edges up after analyst applauds CEO plan
Occidental Petroleum's stock is advancing slightly after the company announced that its current CEO, Steve Chazen, would remain in the position through the end of 2014. WHAT'S NEW: Occidental announced that Chazen would remain in the top spot until the end of 2014. In February, Occidental had said that it was initiating a search for a replacement for Chazen. The company indicated that investors had pushed the company to retain Chazen as CEO for an extended period. Chazen was promoted to CEO from COO in 2010. ANALYST REACTION: In a note to investors, Deutsche Bank analyst Paul Sankey wrote that Occidental's decision was "very positive." Sankey upgraded the stock to Buy from Hold, as he believes that the move clears the way for the company to "shrink to grow," i.e. spin off businesses. Spinning off businesses would facilitate major share buybacks and makes sense in the current high oil price environment, the analyst wrote. Sankey increased his price target on the stock to $112 from $90. TODAY'S PRICE ACTION: In mid-morning trading, Occidental gained 0.6% to $88.40.
News For OXY From The Last 14 Days
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May 5, 2015
16:40 EDTOXYOccidental Petroleum approves plan for Vicki Hollub to succeed Chazen as CEO
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16:26 EDTOXYOccidental Petroleum raises dividend to $3.00 per share from $2.88 per share
Occidental Petroleum announced that its board has authorized an increase of the company’s dividend to an annual rate of $3.00 per share, from the previous annual rate of $2.88 per share. The 75c per share quarterly dividend will be payable on July 15, to stockholders of record as of June 10.
15:02 EDTOXYNotable companies reporting before tomorrow's open
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May 1, 2015
13:38 EDTOXYOccidental Petroleum names Eugene Batchelder non-executive chairman
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April 30, 2015
06:13 EDTOXYEnterprise Products and Occidental Petroleum to build natural gas facility
Enterprise Products (EPD) has entered into an agreement with an affiliate of Occidental Petroleum (OXY) to jointly develop a new 150 MMcf/d cryogenic natural gas processing plant to accommodate the growing production of NGL-rich natural gas in the Delaware Basin. The plant will be owned by Delaware Basin Gas Processing LLC, a company owned 50/50 by Enterprise and Occidental. The plant, which is supported by long-term, firm contracts, is expected to begin operations in mid-2016. Enterprise will serve as the construction manager and operator of the Delaware Basin Processing plant. In addition to the processing plant, Enterprise will construct, own and operate a 12-inch diameter pipeline that will transport natural gas liquids from the new facility to one of Enterprise’s NGL pipelines.

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