Occidental Petroleum Quarterly Profit Drops 85%



Reuters

July 30 (Reuters) – Occidental Petroleum Corp said on Thursday its quarterly profit fell 85 percent as crude oil prices plunged from last year's levels.

The company posted second-quarter net income of $165 million, or 21 cents per share, compared with $1.08 billion, or $1.38 per share, in the year-ago period.

Production rose 13 percent to 658,000 barrels of oil equivalent per day (boe/d).

(Reporting by Ernest Scheyder, Editing by Franklin Paul)



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