Oxy Petroleum’s Quarter Profit Declines 14%
Times Wire Services
Occidental Petroleum Corp. said third-quarter profit fell 14% as oil prices declined and exploration costs rose, but results still beat expectations.
Operating profit fell to $317 million, or 85 cents a share, from $370 million, or $1, a year earlier. Sales fell 15% to $3.29 billion.
Los Angeles-based Occidental was expected to earn 70 cents a share, the average estimate of analysts polled by Thomson Financial/First Call.
Occidental, which produces natural gas in California and Texas, beat estimates because it got a higher price for the commodity than analysts had projected.Shares of Occidental rose 41 cents to close at $25.80 on the New York Stock Exchange.
