Occidental Petroleum Q3 net income decreases

US-based Occidental Petroleum has reported a net income of $927 million, or $1.14 per diluted share, for the third quarter of 2009, compared to $2.3 billion, or $2.77 per diluted share, for the same period of 2008.

The company has reported net sales of $4.1 billion for the third quarter of 2009, compared to $7.06 billion for the same quarter of 2008.

Occidental Petroleum has reported a net income of $2 billion, or $2.43 per diluted share, for the first nine months of 2009, compared to $6.4 billion, or $7.77 per diluted share, for the corresponding period of 2008.

Year-to-date net sales were $10.86 billion, compared to $20.19 billion for the first nine months of 2008.

Ray Irani, chairman and CEO of Occidental Petroleum, said: "Occidental achieved year-over-year production growth of nearly 7% in the third quarter and 8% in the nine months of 2009. In addition, higher worldwide crude oil prices resulted in an increase in Occidental's third quarter of 2009 net income of 36% over the second quarter of 2009."

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

Related terms: ceo, crude oil, petroleum, prices