On The Call: Oxy Pete CEO on growing company

NEW YORK

Occidental Petroleum Corp.'s net income jumped 56 percent in the second quarter as prices for oil and natural gas rose and the company pumped more from the ground.

Company President and CFO Steve Chazen explained to analysts how Occidental plans to grow in the future.

QUESTION: Are you interested in growing oil production by pumping more from the ground or acquiring other assets?

RESPONSE: "The Company has always followed a balanced approach. You buy stuff when you can buy it at a reasonable price. And when you can't, you can't. So we have plenty of financial flexibility, but most of the growth will come organically over the next few years."