Occidental Petroleum Slips To Loss In Q1 - Quick Facts

(RTTNews) - Occidental Petroleum Corp. (OXY) reported that its net loss for the first quarter of 2015 was $218 million or $0.28 per share, compared to net income of $1.4 billion or $1.75 per share in the first quarter of 2014. The first quarter of 2015 included non-core charges of $249 million, comprised mainly of asset impairment charges for certain domestic and international assets.

Core income for the first quarter was $31 million or $0.04 per share, compared with $1.1 billion or $1.38 per share last year.

Net Sales for the quarter were $3.089 billion, compared to $4.968 billion in the previous year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share and revenues of $3.30 billion. Analysts' estimates typically exclude special items.

The first quarter production was 645,000 BOE per day, an increase of 13 percent on a year-over-year basis or 72,000 BOE per day.