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Occidental Petroleum Q2 results decline, miss Street estimates

Occidental Petroleum Corp. on July 31 reported $635.0 million, or 84 cents per share, in net income for the second quarter, compared to $848.0 million, or $1.10 per share, in the year-ago period.

The S&P Global Market Intelligence consensus normalized earnings estimate for the second quarter was 94 cents per share.

Occidental recorded revenue of $4.48 billion in the second quarter, compared to $4.13 billion in the prior-year period.

Total reported production came to 741,000 barrels of oil equivalent per day in the second quarter, compared to 639,000 boe/d in the year-ago period.

Occidental is acquiring fellow oil and gas producer Anadarko Petroleum Corp. in a cash-and-stock deal valued at $57 billion, including the assumption of Anadarko's debt.