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Occidental Petroleum Falls Short Of Quarterly Profit Expectations ...Middle East
Occidental Petroleum reported earnings results for the second quarter that were below analyst expectations, joining the ranks of oil producers feeling the effect of lower prices. The net earnings came in at $605 million for the quarter, with pre-tax profits from oil and gas at $1.1 billion, versus $1.6 billion a year earlier. The pre-tax figure was affected by writedowns on assets in the Powder River Basin that Oxy said had decided not to invest in further. During the reporting period, the company’s realized price for crude oil marked a 32%…
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