Occidental Petroleum 1Q net income falls 13 pct

Occidental Petroleum posts 13 percent drop in 1st-qtr net income on lower oil and gas prices

Associated Press

LOS ANGELES (AP) -- Occidental Petroleum Corp. said Thursday its first-quarter net income fell 13 percent, hurt by drops in oil and natural gas prices.

The Los Angeles-based oil and gas company earned $1.36 billion, or $1.68 per share, down from $1.56 billion, or $1.92 per share, in the same quarter of 2012.

Revenue fell 6 percent to $5.87 billion from $6.27 billion.

The profit beat Wall Street predictions, while the revenue fell slightly short. Analysts, on average, expected a profit of $1.54 per share on $5.9 billion in revenue, according to FactSet.

Oil and gas revenue fell 9 percent to $4.44 billion. Average daily production edged up 1 percent to 763,000 barrels of oil equivalent, as higher domestic production offset a drop in international production.

But the company's realized price for worldwide crude oil fell 9 percent to $98.07 per barrel. Prices of natural gas liquids fell 23 percent to $40.27 per barrel. Domestic natural gas prices increased 8 percent to $3.08 per thousand cubic feet.

Occidental shares fell 8 cents to $84.25 in premarket trading.

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