Occidental Petroleum (OXY -1.2%) doubles its estimate for a discovery near Bakersfield, Calif....

|By:, SA News Editor

Occidental Petroleum (OXY -1.2%) doubles its estimate for a discovery near Bakersfield, Calif. to the equivalent of as much as 500M barrels of oil, valued at more than $34B at current prices. OXY has been leading a rush to find oil on land as BP’s (BP) Gulf disaster is likely to spur tougher offshore drilling rules. (SEC filing)