Visitors view a Gulfstream G3 business jet, produced by Gulfstream Aerospace, at the Farnborough Airshow in Farnborough July 22, 2010. REUTERS/Luke MacGregorMore

By Carl O’Donnell

(Reuters) – Hedge funds paying upward of $100,000 per year to track the flights of corporate jets were vindicated when Occidental Petroleum Corp announced two deals last week that matched locations the U.S. oil and gas company’s private plane had recently visited.

Yet Occidental’s example may represent the exception rather than the rule.

Tracking corporate jets often fuels speculation that makes predicting where a company’s next deal may come from harder rather than easier, according to several hedge fund analysts interviewed by Reuters.

“Historically, flight tracking services have not been that useful,” said one hedge fund analyst who asked not to be named because

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