Occidental Petroleum Corp. (OXY), an oil and gas exploration and production company, said third-quarter reported income declined to $1.21 billion or $1.55 per share from $1.58 billion or $1.96 per share for the third quarter of 2013.
Core income fell to $1.2 billion or $1.58 per share from $1.6 billion or $1.97 per share in the prior year. On average, 25 analysts polled by Thomson Reuters expected earnings of $1.57 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales declined to $5.996 billion from $6.449 billion last year. Analysts expected revenues of $6.11 billion.
Total company average daily oil and gas production volumes, excluding Hugoton production, increased by 6,000 barrels of oil equivalent to 755,000 BOE from 749,000 BOE in the third quarter of 2013.
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