Occidental Corp. Profit Is Up 62%

Occidental Petroleum Corp. said Wednesday that its first-quarter profit rose 62% despite a $96-million tumble in earnings from its chemical division.

Combined results from oil, natural gas and gas transmission operations rose by $98 million, offsetting the lower chemical division profits, Occidental said.

The big oil, chemical and agribusiness company said it earned $108 million, compared to $67 million in the same period in 1989.

Revenue increased by 2% to $5.2 billion from $5.1 billion.

Higher worldwide crude oil prices, higher domestic natural gas and natural gas liquids prices and the resumption of oil production in the North Sea helped push oil and gas division earnings to $100 million, compared to $35 million in the same period a year earlier.

The 1990 results also reflected a $36-million pretax gain from the settlement of a claim against Venezuela stemming from the 1975 nationalization of Occidental operations.