Occidental Petroleum Corp. Q1 Profit Decreases, but beats estimates

(RTTNews) - Occidental Petroleum Corp. (OXY) revealed earnings for first quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $718 million, or $0.75 per share. This compares with $983 million, or $1.00 per share, in last year's first quarter.

Excluding items, Occidental Petroleum Corp. reported adjusted earnings of $604 million or $0.63 per share for the period.

Analysts on average had expected the company to earn $0.60 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 17.2% to $6.01 billion from $7.26 billion last year.

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

-Earnings (Q1): $718 Mln. vs. $983 Mln. last year. -EPS (Q1): $0.75 vs. $1.00 last year. -Revenue (Q1): $6.01 Bln vs. $7.26 Bln last year.