Occidental Petroleum 1Q Profit, Sales Drop on Lower Crude Oil Prices

Dow Jones05-08

Occidental Petroleum said first-quarter profit fell by a quarter after lower crude oil prices and production volumes weighed on results. The shares dropped 1% in extended trading.

The oil-and-gas producer on Tuesday reported net income of $718 million, or 75 cents a share, compared with a profit of $983 million, or $1 a share, in the same quarter a year earlier.

Adjusted income was 63 cents a share. Analysts polled by FactSet expected adjusted income of 58 cents a share.

Sales fell 17.3% to $5.98 billion. Analysts were looking for sales of nearly $6.7 billion.

Oil and gas production came in near the midpoint of the company's guidance, despite an extended third-party production outage in the eastern Gult of Mexico.

The company said adjusted profit for its OxyChem unit topped its projections, helped by improved demand for polyvinyl chloride and vinyl chloride monomer, as well as lower ethylene costs.

Its midstream and marketing business also reported a narrower loss than forecast, reflecting higher crude margins.

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