10/27/2011 10:25 EDT | Updated 12/27/2011 05:12 EST

Occidental Petroleum Corp. sets production record; boosts 3rd-quarter profits 49 per cent

NEW YORK, N.Y. - Occidental Petroleum Corp. says its third-quarter net income jumped nearly 50 per cent on the back of record domestic production and higher oil prices.

The Los Angeles company on Thursday reported earnings of $1.77 billion, or $2.17 per share, for the quarter. That compares with $1.19 billion, or $1.46 per share, for the same part of 2010. Revenue increased 26.1 per cent to $6.01 billion.

The results shattered Wall Street estimates of $1.97 per share on revenue of $5.46 billion, according to FactSet.

During the quarter, Occidental cranked up oil and gas production by 5 per cent to 739,000 barrels per day. Oil prices increased 34.5 per cent to $97.24 per barrel and natural gas prices rose slightly to $4.23 per 1,000 cubic feet.