Los Angeles Business Journal

Occidental Profit Falls

Thursday, July 26, 2012

Occidental Petroleum Corp., the largest producer of onshore crude in the continental United States, said today that its second-quarter profit fell 27 percent as new output in California and Texas failed to make up for declining oil prices. Bloomberg News reports that Oxy’s midstream and marketing business, which includes pipelines and gas processing, saw a 59 percent decline, the biggest drop in any of the company’s businesses.