HOUSTON, Feb 24 (Reuters) - Oil and gas producer Occidental Petroleum Corp swung to a fourth quarter profit from a year-ago loss on higher-than-forecast U.S. production and crude prices.

The Houston-based company, one of the top producers in the prolific Permian Basin of West Texas and New Mexico, posted stronger-than-forecast oil and gas output. Shale companies overall have topped expectations on soaring energy prices.

Adjusted earnings of $1.48 per share beat analysts' consensus forecast for $1.10 per share, according to Refinitiv IBES. The company increased its quarterly common dividend to 13 cents per share. Shares rose less than 1% to $38.90 in afternoon trading.

"As we continue to reduce our net debt and strengthen our balance sheet, our focus has expanded to returning additional capital to shareholders," said Chief Executive Vicki Hollub.

Its U.S. output from the Permian Basin, the Rocky Mountains and the Gulf of Mexico production areas each exceeded the high end of the company's earlier guidance. Its chemicals unit posted operating profit of $574 million, compared with $407 million a year ago.

Overall, Occidental pumped 1.9 million barrels per day (bpd) of oil and gas last quarter, about 49,000 bpd above the middle of its forecast range and above the year-ago level.

The company sold its oil last quarter for an average price of $75.39 per barrel, up about 85% from a year earlier.

Shares were momentarily halted on Thursday when results appeared during trading hours, earlier than it had scheduled. Occidental did not immediately comment on the timing.

Occidental plans to hold a conference call on Friday to discuss results.

It topped Wall Street expectations with net of $1.34 billion, or $1.37 per share, in the three months ended Dec. 31, versus a loss of $1.31 billion, or $1.41 per share, a year earlier.

Global crude prices jumped more than 50% last year, rebounding from a pandemic-driven slump in demand. They averaged $80 per barrel in the last three months of 2021, nearly doubling from a year earlier.

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