Occidental Rebounds From Losses
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Occidental Petroleum Corp.’s results improved in the fourth quarter, but much of its effort to cut costs was offset by lower crude prices, the company said.
The Los Angeles-based firm reported a net income of $57 million, or 15 cents a share, in the three months ended Dec. 31. A year earlier, the company lost $588 million, or $1.94 a share. Sales fell to $2.02 billion from $2.315 billion.
The net income figures for both periods were skewed by one-time gains and losses associated with getting out of the coal business.
For the full year, Occidental reported net income of $283 million, or 80 cents a share, on sales of $8.12 billion. In 1992, the company lost $594 million, or $1.97 a share, on sales of $8.49 billion.
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