Occidental raises dividend by 38%, announces $3B share buyback program

Shares of Occidental Petroleum Corp.
OXY,
-0.03%
fell in the after-hours session Monday after the energy company reported profit and revenue below Wall Street expectations. Occidental also announced a new $3 billion share buyback program and a 38% increase to its dividend to 18 cents a share. Occidental said it earned $1.7 billion, or $1.74 a share, in the fourth quarter, compared with $1.3 billion, or $1.58 a share, in the year-ago period. Adjusted for one-time items, the company earned $1.61 a share. Revenue hit $8.3 billion, from $3.3 billion a year ago. FactSet consensus called for EPS of $1.81 on revenue of $8.4 billion. Occidental was able to complete an existing $3 billion buyback thanks to its “operational success,” Chief Executive Vicki Hollub said in a statement. Shares of Occidental ended the regular trading day down a fraction.