Occidental Petroleum Q3 net income decreases
OXY | Quote | Chart | News | PowerRating -- US-based Occidental Petroleum has reported a net income of $927 million, or $1.14 per diluted share, for the third quarter of 2009, compared to $2.3 billion, or $2.77 per diluted share, for the same period of 2008.
The company has reported net sales of $4.1 billion for the third quarter of 2009, compared to $7.06 billion for the same quarter of 2008.
Occidental Petroleum has reported a net income of $2 billion, or $2.43 per diluted share, for the first nine months of 2009, compared to $6.4 billion, or $7.77 per diluted share, for the corresponding period of 2008.
Year-to-date net sales were $10.86 billion, compared to $20.19 billion for the first nine months of 2008.
Ray Irani, chairman and CEO of Occidental Petroleum, said: "Occidental achieved year-over-year production growth of nearly 7% in the third quarter and 8% in the nine months of 2009. In addition, higher worldwide crude oil prices resulted in an increase in Occidental's third quarter of 2009 net income of 36% over the second quarter of 2009."
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