Shares of Occidental, which has operations around the world, rose 15.5percentt in the quarter.
Los Angeles-based Occidental, which operates in the low-cost Permian Basin production area of Texas and New Mexico where Altura has its operations, said its global output would rise 36percentt immediately to 417,000 barrels a day from 1999's average.
To pay for the properties, Mr. Mayo said, Occidental sold unprofitable Canadian operations and its midcontinental pipeline.
It is 800 Occidental Avenue South, not Occidental Street.
Cities Services was ultimately sold to Occidental Petroleum, and the retail operations were resold to Southland Corporation, the operators of 7-Eleven stores.
"Occidental has dramatically improved its operations over the last few years," Mr. Mallon said.
Occidental has also expressed an interest in resuming operations, having written off its Libyan assets after the imposition of sanctions.In March, Royal Dutch/Shell signed a preliminary agreement that could mean it invests an initial $200m in gas exploration.
Yet our analysis found that none of these chemical companies, including DuPont and Occidental, disclosed how this legislation would affect their operations.
Occidental will save at least $40 million a year in operating costs by combining Vulcan's operations with its own, the chief financial officer, Stephen I. Chazen, said.
Libya was an important part of Occidental's past, as the site of its largest operations in the late 1960's and early 1970's after the company's founder, Armand Hammer, reached an accommodation with Libya's leader, Col. Muammar el-Qaddafi, to allow Occidental to expand its base there.
