Occidental Petroleum Corp. Q1 Profit Decreases, misses estimates

(RTTNews) - Occidental Petroleum Corp. (OXY) announced earnings for first quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $983 million, or $1.00 per share. This compares with $4.68 billion, or $4.65 per share, in last year's first quarter.

Excluding items, Occidental Petroleum Corp. reported adjusted earnings of $1.07 billion or $1.09 per share for the period.

Analysts on average had expected the company to earn $1.24 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 14.9% to $7.26 billion from $8.53 billion last year.

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

-Earnings (Q1): $983 Mln. vs. $4.68 Bln. last year. -EPS (Q1): $1.00 vs. $4.65 last year. -Analyst Estimates: $1.24 -Revenue (Q1): $7.26 Bln vs. $8.53 Bln last year.