Occidental Petroleum Corp. Q3 Profit Decreases, but beats estimates

(RTTNews) - Occidental Petroleum Corp. (OXY) released a profit for third quarter that decreased from the same period last year but beat the Street estimates.

The company's earnings totaled $1.16 billion, or $1.20 per share. This compares with $2.55 billion, or $2.52 per share, in last year's third quarter.

Excluding items, Occidental Petroleum Corp. reported adjusted earnings of $1.13 billion or $1.18 per share for the period.

Analysts on average had expected the company to earn $0.86 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 22.1% to $7.40 billion from $9.50 billion last year.

Occidental Petroleum Corp. earnings at a glance (GAAP) :

-Earnings (Q3): $1.16 Bln. vs. $2.55 Bln. last year. -EPS (Q3): $1.20 vs. $2.52 last year. -Analyst Estimates: $0.86 -Revenue (Q3): $7.40 Bln vs. $9.50 Bln last year.