EARNINGS : Occidental Profit Slides 40%; Revenue Rises 13%
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Los Angeles-based Occidental Petroleum Corp. said its earnings would have risen by 50% if not for special gains in the year-ago quarter.
Overall, the company’s earnings declined about 40% to $67 million, or 24 cents a share, from $113 million, or 52 cents a share. Revenue increased 13% to $5.1 billion from $4.5 billion in the year-ago quarter.
Occidental said its 1988 results included a net gain of $53 million from the issuance and sale of stock by one of its subsidiaries.
The company said its first-quarter results reflected the early paydown of $9 million in debt as well as a lower crude oil sales volume stemming from the July, 1988, North Sea Piper platform accident.
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