Oxy Petroleum profit slips 70% on sharply lower oil prices - Los Angeles Times

The company reports profit of $682 million, a major drop from the $2.3 billion it earned in the year-earlier period as crude oil prices were soaring toward a record high of $145 a barrel in July.

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Occidental Petroleum Corp. reported a 70% drop in second-quarter earnings because of sharply lower oil prices -- but still managed to beat Wall Street expectations. The Westwood company can appear as though it is being left in the dust by the oil industry giants when crude prices are running at high levels, analysts say, adding that Occidental tends to shine brighter than its bigger rivals when prices are lower.

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