Occidental increases dividend by 38% and announces $3 billion share buyback program

Occidental Petroleum Corp Stock OXY,
-0.03%
fell in Monday’s after-hours session after the energy company reported earnings and sales below Wall Street expectations. Occidental also announced a new $3 billion share buyback program and a 38% increase in its dividend to 18 cents a share. Occidental said it made $1.7 billion, or $1.74 per share, in the fourth quarter, compared to $1.3 billion, or $1.58 per share, in the year-ago period. Adjusted for one-time items, the company earned $1.61 per share. Revenue reached $8.3 billion, up from $3.3 billion a year ago. FactSet consensus called for earnings per share of $1.81 on sales 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. Occidental shares ended the regular trading day a fraction down.