Shares of Occidental Petroleum Corp. (NYSE: OXY) shot up 9.1% in afternoon trading on Wednesday, fueled by a surge in crude oil prices to 13-month highs and continued praise from Wall Street analysts regarding the oil and gas company's plans to reduce debt. The stock, which was the biggest gainer in the S&P 500 is on track to close at its highest price since March 5. The company had reported after Monday's closing bell a wider-than-expected loss and a revenue miss for the third-straight quarter, but said it remained focused on strengthening its balance sheet by using asset sales to reduce debt and to extend current debt maturities.