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Occidental Petroleum profit beats consensus by 71.3% in Q2

Occidental Petroleum Corp. said its second-quarter normalized net income amounted to 40 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS fell 65.6% year over year from $1.15.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $303.1 million, a decline of 66.3% from $900.1 million in the year-earlier period.

The normalized profit margin declined to 8.7% from 17.5% in the year-earlier period.

Total revenue decreased 32.4% year over year to $3.47 billion from $5.13 billion, and total operating expenses fell 19.4% year over year to $3.06 billion from $3.80 billion.

Reported net income decreased 84.7% on an annual basis to $176.3 million, or 23 cents per share, from $1.15 billion, or $1.47 per share.