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Occidental Petroleum 4th-quarter earnings slide 19 percent on weaker oil and gas prices

Occidental Petroleum 4th-quarter earnings slide 19 percent on weaker oil and gas prices

Occidental Petroleum Corp. on Thursday said profit slid 19 percent due to sharply lower gas prices and moderately weaker oil prices in the fourth quarter.
Net income fell to $928 million (euro713.57 million), or $1.09 per share, from $1.15 billion, or $1.40 per share, in the prior-year quarter.
Excluding one-time items, the company earned $835 million (euro642.06 million), or 98 cents per share, in the recent quarter. That compares with adjusted earnings of $1.12 billion, or $1.36 per share, in the 2005 fourth quarter.
Analysts polled by Thomson Financial predicted the company would earn 90 cents per share.
Fourth-quarter sales slipped to $4.14 billion (euro3.18 billion) from $4.18 billion in the year-ago period.
Production rose to 616,000 barrels of oil equivalent per day from 546,000 barrels.
Occidental's average realized oil price fell slightly year over year to $51.18 a barrel from $51.87 a barrel. Average realized natural gas prices in the U.S. declined sharply to $5.64 per 1,000 cubic feet from $9.81per 1,000 cubic feet.
Earnings in 2006 declined to $4.18 billion (euro3.21 billion), or $4.86 per share, from $5.28 billion (euro4.06 billion), or $6.45 per share, in 2005. Full-year sales rose to $17.66 billion (euro13.58 billion) from $14.6 billion.


Updated : 2021-06-18 07:28 GMT+08:00