Occidental Petroleum's (NYSE: OXY) fortunes largely depend on oil and gas prices. Higher prices boost its profits, while sinking prices weigh on its earnings. The latter was the case in the first quarter.

However, the oil company sees several catalysts on the horizon that could boost its earnings in the future. Here's a look at its recent quarter and why it's so optimistic about the future.

Occidental Petroleum reported $604 million, or $0.63 per share, of adjusted net income in the first quarter. That was down from the fourth quarter ($710 million or $0.74 per share) and the year-ago period ($1.1 billion or $1.09 per share).

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Source Fool.com