Occidental Petroleum said Thursday that third quarter earnings fell 59 percent on lower prices for oil from a year ago. The decline was less than expected since the company increased output.

The Los Angeles oil producer reported net income of $927 million ($1.14 per share), compared with $2.27 billion ($2.78), a year ago. Revenue fell 42 percent to $4.1 billion.

Analysts surveyed by Thomson Reuters on average had expected earnings of $1.08 per share. And they expected revenue of $3.85 billion.

New York crude oil futures were as low as $58 a barrel during the quarter, compared with last year’s high of $147. Prices have risen 14 percent since the quarter ended.

The company’s oil and natural gas production during the quarter rose 6.9 percent to the equivalent of 632,000 barrels of crude a day, as the company expanded output in Kern County and Yemen. Still, the decline in prices lowered pre-tax earnings in the oil and gas segment by 60 percent, with earnings in the chemicals segment down 67 percent.

In a statement, Chief Executive Ray R. Irani, noted that the third quarter net income was 36 percent higher than in the second quarter as prices began to rise.

Occidental shares were up $1.65, or 2 percent, to $83.20 in midday trading on the New York Stock Exchange.